Small Business Assistance Corporation to Offer Storm Recovery Loan Program Post-Irma
Friday, September 15th, 2017
The Small Business Assistance Corporation, a Community Development Financial Institution, recently announced it has up to $30,000 of financing available to businesses for assistance with recovery from the effects of Hurricane Irma. Eligible uses include building repair, equipment repair and/or replacement, inventory replacement, bridge loan to insurance claim payment, and operating capital.
“Many businesses in coastal Georgia and South Carolina were impacted by the devastation of Hurricane Irma, whether it was from property and equipment damage, loss of inventory, and interruption of of normal business activity due to power outages and evacuations,” said 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 Chatham, Bryan, Bulloch, Effingham, Liberty, and Long. Also included are South Carolina’s Lowcountry counties of 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.