The Small Business Assistance Corporation, a Community Development Financial Institution, recently announced it has launched a Community Advantage Program, a financial assistance program for existing and startup businesses. The program offers loans up to $250,000 for real estate loans, working capital, equipment and inventory, and debt refinancing.

“In this country, there are 28 million small businesses and they account for 63 percent of net new jobs,” said Tony O’Reilly, SBAC president. “In southeast Georgia and the South Carolina Lowcountry, small businesses are essential to the area’s well-being but are often overlooked and underutilized in economic growth strategies and financing programs. Having resources such as the Community Advantage Loan Program will ensure that SBAC can provide those small businesses the money they need to expand and create jobs.”

The Community Advantage loan program reduces risk for lenders by guaranteeing 85 percent of the balance for loans between $50,000 and $100,000 and 75 percent for loans in the $150,000 to $250,000 range. Loan terms run 10 years or as long as the equipment financed is considered useful. The maximum for working capital is 10 years and for real estate, 25 years. Loans of up to $150,000 don’t come with additional fees, but those in the $150,000 to $250,000 range are assessed a three percent Small Business Administration fee.