The Small Business Assistance Corporation (SBAC) received a $25,000 grant from the USDA, Rural Development for a Rural Business Enterprise Grant (RBEG) for facilitating private business enterprises in the rural areas of Beaufort, Charleston, Colleton, Dorchester, Hampton and Jasper Counties, SC through the purchase of equipment to be used throughout the loan process. The funds will be used to purchase software and improve SBAC’s online application.

“Over the next several years, SBAC will undertake an aggressive expansion to create economic opportunities in the low country region of South Carolina,” said  Tony O’Reilly, SBAC President.“Productivity gains resulting from this new software will result in more small business loans and better customer service without increasing core operating costs.”

The overall projected benefit of the upgrade and update of SBAC’s lending process is to make financing more available to small businesses that may be underserved by traditional banks.  As a nonprofit lender, SBAC relends every dollar the portfolio earns through client repayment. Since 2010, SBAC has funded $1.8 Million in conjunction with area lenders for project dollars totaling $4.15 Million. Total jobs created and saved from these projects was 70.