Treasury Department Recertifies SBAC as Community Development Financial Institution
Wednesday, April 3rd, 2019
The US Department of the Treasury recertified the Small Business Assistance Corporation (SBAC) as a Community Development Financial Institution (CDFI). As a recertified CDFI, SBAC remains eligible to receive continuous support and grant opportunities from the Treasury Department CDFI Fund. On March 5, 2019, SBAC received a $950,000 grant from the CDFI Fund to achieve ongoing small/micro business development through its lending programs in the City of Savannah and surrounding counties.
The Small Business Assistance Corporation, located at 111 E. Liberty, Suite 100 in Savannah, GA is a non-profit loan fund. SBAC is dedicated to creating access to business capital for entrepreneurs and businesses that have difficulty obtaining business loans from traditional lenders because of shortcomings in their credit profile.
The recertification and grant, which were awarded in a competitive environment, confirm that SBAC is a unique and potent economic development resource for the business community. The funding will be used to continue existing lending programs, with a focus on lending to businesses in low/moderate income neighborhoods or low-income individuals aspiring to lift themselves from poverty through entrepreneurship.
“Recertification is an official testimony that SBAC is true to our mission;” said SBAC President Tony O’Reilly. “It confirms that we are skillful lenders, addressing the needs of borrowers that cannot access business credit from traditional financing sources.”