Areas Served: City of Augusta
The Economic Development Loan Program, also known as the Small Business Development Loan Program (SBDLP) was created to provide financial and technical assistance to all entrepreneurs seeking to establish new businesses or to expand existing ones in Augusta, Georgia.
Use of Loan Proceeds – Purchase of machinery, equipment, supplies and inventory – Purchase of business or franchise – Purchase of easements, right-of-way, building facilities – Acquisition of real estate – Make capital or leasehold (tenant) improvements – Promotion/Advertising – Legal/Accounting – Start up Operating Costs – Working Capital – Technical Assistance Measures – Feasibility Studies – Promotion/Advertising – Fees and Charges.
Authorized fees include professional fees rendered by professionals generally licensed by individual state or accreditation associations, such as architects, lawyers, accountants, and appraisers.
Qualifying Factors – Project must provide benefit for low and moderate-income persons (job creation or retention).
Venture must create or retain at least one full-time premanent job or two part-time jobs per $35,000 of CDBG funds used or provide goods or services to residents of an area, such that the number of low and moderate income persons residing in the areas served by the assisted business amounts to at least one low and moderate income person $350 of CDBG funds used – Must evidence a financing gap – Must evidence sufficient collateral and security – Must inject owner’s equity (of the total startup costs) into venture (percentage is determined by the type of loan being applied for) – Must demonstrate ability to repay as agreed – Must have good personal and /or business credit history – Must not have local, state, or federal tax liens or back taxes due – Must have a sound existing or proposed business enterprise, i.e., available cash flow must be evident to service the proposed debt and the outlook for continued ability must be evident – Good character and integrity – Entrepreneur must have an established commercial checking account for the business – Entrepreneur must provide a copy of updated business license – Entrepreneur must have their business registered with Dunn & Bradstreet prior to closing
Contact InformationCity of Augusta, Georgia
Address: 530 Greene Street
City: Augusta
State: Georgia
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