Recovery Loan Program Offered for Small Businesses

Local

Savannah Post IRma

"Up to $30,000 of financing is available to small businesses for assistance with recovery from Hurricane Irma's aftermath", the Small Business Assistance Corporation (SBAC), a Community Development Financial Institution, recently announced.

Eligible uses include the following:

Building repair
Equipment repair and/or replacement
Inventory replacement
Bridge loan to insurance claim payment
Operating capital.
According to Tony O’Reilly, SBAC president, “The SBAC Storm Recovery Program is intended to provide financial assistance to speed resumption of normal commercial activities.”

The SBAC Storm Recovery Loan Program is for small businesses in the City of Savannah and its surrounding counties, including the following:

Chatham,
Bryan,
Bulloch,
Effingham,
Liberty, and
Long
Also included are South Carolina’s Lowcountry counties:

Hampton,
Jasper,
Beaufort,
Colleton,
Charleston, and
Dorchester
Qualified borrowers must be an existing business with a 2016 business tax return and a current business license.

Up to $30,000 is available for a term of up to 36 months, with amortized principal and interest at a 7 percent rate. All loans are subject to availability of funds and prudent business lending practices.

For more information on the Storm Recovery Loan Program Program, contact the Small Business Assistance Corporation by email (sbac@sbacsav.com), phone (912-232-4700) or website (www.sbacsav.com).

Source: http://savannahceo.com/features/2017/09/small-business-assistance-corporation-offer-storm-recovery-loan-program-post-irma/?utm_source=Savannah+CEO&utm_campaign=010d1bec2f-EMAIL_CAMPAIGN_2017_08_29&utm_medium=email&utm_term=0_8c93e46c9f-010d1bec2f-303684025