Small Business Assistance Corporation to Offer Zero-Interest Express Loan Post-Irma

Staff Report From Savannah CEO

Wednesday, September 27th, 2017

The Small Business Assistance Corporation, a Community Development Financial Institution, recently announced it has up to $5,000 of financing available to businesses needing temporary capital to restore normal operations. Eligible uses include equipment repair and/or replacement, inventory replacement, bridge loan to insurance claim payment, and short term operating capital.

The SBAC Zero-Interest Express Loan Program is for small businesses and microenterprises in the counties of southeast Georgia and 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 $5,000 is available for a term of up to six months, with interest at a 0 percent rate. All loans are subject to availability of funds and prudent business lending practices. This program is sponsored in part by one of the SBAC’s banking partners, the Wells Fargo Foundation.