A local non-profit economic development organization known as Small Business Assistance Corporation has announced that they have reached their goal of funding over $5 million from the State Small Business Credit Initiative funds for small businesses in the Savannah area before the end of their 2015 fiscal year.
 
Since SBAC’s start of SSBCI funding in 2012 to today, they have deployed $5,052,500 in SSBCI funds for commercial projects totaling 20,631,463 to diverse small businesses ranging from animal hospitals to onion farms. These funds have provided small businesses with the ability to create an estimated 250 job opportunities across Georgia from Chatham to Montgomery County.
 
“The SSBCI program delivers outstanding economic development outcomes by making small business capital available to growing small businesses in the area”, states SBAC’s President, Tony O’Reilly. “We are pleased to have aided in the economic growth of our state and look forward to financing more great small business projects.”
 
The State Small Business Credit Initiative was established by the Small Business Jobs Act signed into law by President Obama in 2010. Through this, the Treasury Department was granted nearly $1.5 billion in lending to state programs, nationally, which support small businesses and manufacturers. Participating states use the federal funds for programs, like those provided by SBAC, that will leverage private lending to help finance small businesses and manufacturers receive the loans needed to expand and create jobs.
 
For more information on Georgia’s SSBCI program, please visit www.georgia-ssbci.org. For more information on SBAC or business financing available, please visit www.sbacsav.com.