Small Business Assistance Corporation has obtained $1,000,000 to promote small business development through its lending programs.  The federal award is from the U.S. Department of Treasury’s Community Development Financial Institution Fund, also referred to as the CDFI Program. The Fund supports alternative small business lenders that are committed to making business capital available to underserved sectors of the small business economy.  In a national competition, only 31 organizations were selected to receive funds to further leverage their existing small business lending activities.

SBAC will utilize these funds to enhance its loan capacity in the City of Savannah and the surrounding areas of Southeast Georgia and South Carolina’s Low Country. The organization will prioritize making loans to qualified entrepreneurs unable to access traditional commercial lending products.

“Using our wide range of loan products and by partnering with our local banks, we hope to finance up to $5 Million in loans to small business; especially those businesses that are minority or women owned or located in low to moderate income communities.” – Ben Johnson, Chairman of the Board, SBAC.

SBAC anticipates to have the funding available in the first quarter of 2017.