Financing For Small Businesses Impacted by the Storm
What is the Storm Recovery Loan Program?
The Storm Recovery Loan Program is designed to provide immediate financial support to small businesses facing unexpected costs due to the effects of natural disasters in our area.
Loan Program Additions
No equity injection requirements
Interest only payments until 2025
No pre-payment penalties
Eligible for business scholarships
Dollar Limit
$15,000
Term
Maximum
36 months
Rate
7% Fixed
Who Is eligible?
For-profit businesses in disasters effected areas located in Southeast Georgia and the Lowcountry of South Carolina. Business must have been in operations prior to the storm to qualify
Use of Funds?
Repairs, clean-up, and other expenses necessary for recovery including:
Working capital
Lease payments
Payroll
Inventory replacement
Bridge loans for insurance claims
and more
What is needed?
Current Business License
2 years of Personal and Business Tax Returns
Current financial statements
Written Statement of Impact and Need
Personal guarantee for 20% or more ownership
Lien on business assets
Additional documents may be requested
How to Apply?
Visit our website at sbacsav.com, select “Apply for a Loan” to complete the loan application. Create an account. Begin completing the loan application.
Note: Under “Referred By”, select “Storm Loan” in the dropdown menu to be considered for the Storm Recovery Loan.
Applicants may also benefit from additional loan programs.
This loan program must be repaid according to the agreed terms; it is not a relief package or grant. Loan subject to credit approval.
SBAC is excited to welcome Nicole to our team. As a Senior Loan Officer, Nicole will be responsible for originating SBA 504 Loans (commercial real estate loans) in Georgia and South Carolina. Nicloe brings over 20 years of banking and lending experience to SBAC.
Portfolio and Servicing Manager
The Portfolio and Servicing Manager (PSM) manages all aspects of the loan closing and servicing process, including the on-boarding of new loans, and modifications to existing loans, daily payments, escrow activity, secondary market loan sales, management of contracts, portfolio analysis, collections, delinquency, risk management, and year-end activities.
This event recognizes members and friends of NAWIC Coastal Georgia. With the End of Year Awards and Keynote Speaker: VictoriaSaxton, SBAC President and CEO
Tuesday, September 24, 2024
3:30 PM–5:00 PM
The Clyde Venue
223 Martin Luther King Jr Boulevard, Savannah, GA 31401
SBAC is excited to host The Creative CoastAugust Lunchtime topic with Steve Curran of Khaki Consulting LLC on why mastering healthy, effective influence is crucial for success and growth.
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