Areas Served: Appling, Atkinson, Camden, Burke, Bulloch, Bryan, Brooks, Brantly, Bleckley, Berrien, Ben Hill, Bacon, Candler, Charlton, Chatham, Clinch, Coffee, Cook, Dodge, Echols, Effingham, Emanuel, Evans, Glascock, Glynn, Irwin, Jeff Davis, Jefferson, Jenkins, Johnson, Lanier, Laurens, Liberty, Long, Lowndes, McIntosh, Montgomery, Pierce, Pulaski, Screven, Tattnall, Telfair, Tift, Toombs, Treutlen, Turner, Twiggs, Ware, Washington, Wayne, Wheeler, Wilkinson
The Savannah Regional Small Business Capital Fund is capitalized by four area banks to promote economic growth in the Savannah Georgia region by enabling local banks to make equity and special debt investments for small business development.
The investments are not regular bank loans.
The Capital Fund seeks to undertake community development activities such as job creation, through business modernization, diversification of the economy, neighborhood commercial revitalization and special projects with significant community development impact.
SBAC provides loan packaging and servicing for this fund.
ELIGIBILITY – Small and minority business projects within the 53 assigned counties.
– Loan or investment requests that can not obtain funding from other reasonable sources.
BANK SPONSORSHIP -The request must come through a financial institution participating in the fund: BB&T, Bank of America, Small Business Assistance Corporation, SunTrust Bank and Wachovia Bank.
The sponsoring financial institution must be willing to loan 50% of the requeSt. MAXIMUM REQUEST 50% of total capitalization of request or $100,000, whichever is less.
UNDERWRITING PROVISIONS 1.Rate: Negotiated, but will reflect the risk associated with the transaction 2.Term: Typically less than seven (7) years 3.Form of Capital: Debt or equity or a combination of the two 4.Management: Management should be experienced and have a comprehensive business plan 5.Collateral: Case by case evaluation 6.Credit History: Principals must display an ability to manage obligations in a credit worthy manner BUSINESS PACKAGING Business packaging assistance is available from Small Business Assistance Corporation for pre-qualified requests.
FEES There is 1 1/2% origination fee on the loan or investment amount.
There is also a 1/2% monthly service fee on the outstanding balance for the life of the financing.
Contact InformationSmall Business Assistance Corporation
Address: PO Box 10750
City: Savannah
State: Georgia
Website:
http://www.sbacsav.com/loan-programs/savannah-regional-small-business-capital-fund
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