SBAC Providing Disaster Assistance Loans for Small Businesses Impacted by Coronavirus (COVID-19)

Staff Report From Savannah CEO

Monday, March 16th, 2020

Small Business Assistance Corporation (SBAC) has federal funds available to assist small businesses in Coastal Georgia and South Carolina that have been impacted by the outbreak of Coronavirus (COVID-19). SBAC is here to help by providing immediate financial assistance.
Many businesses in Coastal Georgia and South Carolina have been impacted by the effects of the virus known as COVID-19. Businesses in affected locations are suffering from potential loss of inventory, maintaining excess inventory, and interruption of normal business activity caused by cancellations of events that draw large crowds and use of precaution by the public. The SBAC Recovery Loan Program is intended to provide financial assistance to speed resumption of normal commercial activities.
The SBAC Recovery Loan Program is for small businesses in the City of Savannah, its surrounding counties: Chatham, Bryan, Bulloch, Effingham, Liberty, Long; and affected Coastal Georgia; as well as South Carolina’s Low Country counties of Hampton, Jasper, Beaufort, Colleton, Charleston, and Dorchester.
SBAC is providing funding up to $50,000 dollars right now for qualified borrowers to replace lost inventoryor manage excess inventory, provide cash for payroll, or to resume normal commercial operations disrupted by closing. Financing will have a maximum term of 36 months with rates as low as 6%.
Borrowers must be an existing business, provide their 2018/2019 business tax return or current financial statements, and a current business license. All loans subject to funds availability and prudent business lending practices.