• Jan 07, 22
• spencergregory
• Revolving Loan Fund Directory
• 0 comment

To assist Savannah businesses to obtain financing under the City of Savannah Georgia’s CDBG Revolving Loan Fund, the SBAC guarantees business loan that are made by lending institutions to qualified borrowers.

Priority is given to businesses located in low to moderate income neighborhoods, minority owned businesses and businesses that will create jobs for low to moderate income persons.

ELIGIBLE USES – Land and building acquisition – Acquisition of inventory – Renovation of current facilities – Payment of accounts payable – Acquisition of machinery & equipment – Business buyouts – Acquisition of furniture & fixtures – Working capital FINANCING PROVISIONS 1. Loan Amount – Minimum Amount: $5,000 as required by most participating lending institutions.

– Maximum Amount: SBAC’s maximum 80% guaranty participation limited to maximum $80,000 guaranty.

For loans exceeding $100,000, the participating lender must agree to reduce the SBAC guaranty share.

SBAC provides a maximum 90% guaranty participation limited to maximum $90,000 guaranty for projects located within the City of Savannah’s designated poverty area.

2. Collateral – Personal guaranty secured by mortgage on real property if available.

– Security interest on business assets as required by the lending institution and/or the SBAC.

3. Term fully amortized up to five (5) years 4. Fees to Borrower One and one half percent (1½%) of the guaranteed portion of the loan must be paid to the SBAC by the borrower.

The borrower may use the loan proceeds to pay the fee.

In addition, the borrower is responsible for closing costs.

Prepayment penalty fee is not permitted on an SBAC guaranteed loan.

ELIGIBLE BUSINESSES Businesses which meet the following SBAC criteria: – For profit corporation, partnership, proprietors or producer’s cooperatives.

– Operating in Savannah or planning to locate in Savannah.

-Retention of existing employment and creation of new employment opportunities for low to moderate income individuals.

LOAN PACKAGING ASSISTANCE Loan €œpackaging€ includes the following services: SBAC staff will package pre-qualified loan application’s to conform to current regulatory requirements and will ensure that the SBAC Loan Committee is given all the essential documentation and information needed to render a quick decision on the application.





Contact Information
Small Business Assistance Corporation
Address: 111 E. Liberty Street, Suite 100
City: Savannah
State: Georgia

Website: http://www.sbacsav.com/loan-programs/city-of-savannah-sponsored-loan-programs/city-of-savannah-business-loan-guaranty-program-2

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