SBAC 23rd Annual Luncheon & Awards Ceremony

Jenny Dent of Visit Savannah (T McCoy Cornerstone Award), Adam Turoni of Chocolat’ By Adam (Micro entrepreneur of the Year), Mark and Trudy Sauer of Savannah Global Solutions, LLC (Michael Bunn Sr. Rising Star Award)

Jenny Dent of Visit Savannah (T McCoy Cornerstone Award), Adam Turoni of Chocolat’ By Adam (Micro entrepreneur of the Year), Mark and Trudy Sauer of Savannah Global Solutions, LLC (Michael Bunn Sr. Rising Star Award)

 

SAVANNAH, GA December 3, 2014– The Small Business Assistance Corporation (SBAC) hosted its 23rd Annual Luncheon and Awards ceremony today at Savannah Station. Guests enjoyed food and live entertainment as the SBAC recognized Ameris Bank as the Small Business Lending Unit of the Year. This last fiscal year, SBAC and Ameris’ commercial lending department funded loans totaling $1,729,780 for projects that totaled $2,981,100; most notable is the project for Sorry Charleys, a previously blighted property facing Ellis Square in Historic Downtown Savannah.

 The Micro entrepreneur of the Year award was presented to Adam Turoni of Chocolat’ by Adam and the T McCoy Cornerstone Award recipient was Jenny Dent of Visit Savannah. This award is given to a person achieving the highest level of excellence as an Administrative Professional. “We love to take this time to honor those who have personified values we share” said Tony O’Reilly, SBAC President.

The Michael Bunn, Sr. Rising Star Small Business of the Year was awarded to Mark and Trudy Sauer of Savannah Global Solutions, LLC.  “As small business owners, time is always in short supply.  There is no way we would have had the energy and in-house expertise to pull together all of the information needed to apply for an SBA loan without the hand-holding provided by the patient and knowledgeable staff of the SBAC in Savannah.  They walked us through the process, deciphered the requirements, and working hand in hand with SunTrust, helped us present our paperwork in the manner that is preferred by the SBA when reviewing requests for funding.  It was definitely a positive experience for us!  The SBAC in Savannah is truly a tremendous resource for small business” said Trudy Sauer.

Savannah Global Solutions, LLC markets and manufactures mechanical and chemical site preparation equipment used to forest and reforest commercial timber plantations, prepares sites for bio-fuel crops such as sugar cane, and converts native land and cut-over timber land back to crop land. The use of this highly sophisticated soil preparation equipment results in better survival and growth of trees and crops in very rugged soil conditions.

Savannah Global Solutions secured a loan for the purchase, modification and improvement of a commercial building. SBAC Partnered with Gabe Thomas and Carol Coppola of SunTrust Bank on the project totaling $1.7MM.

 Retiring member of the board, Jennifer Sawyer was also honored for her service.

 

About the SBAC

The SBAC, located at 111 E. Liberty, Suite 100 in Savannah, is a specialized, non-profit business development organization licensed by the U. S. Small Business Administration and supported by the City of Savannah and the U. S. Department of Housing and Urban Development to promote economic growth.  Since 1989 the SBAC has been offering loan products in the City of Savannah, southeast Georgia and Low Country of South Carolina.

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If you would like more information on the Small Business Assistance Corporation, please contact us at 912-232-4700 or visit online at www.sbacsav.com. The SBAC is an equal opportunity lender, provider and employer.


Small Business Assistance Corporation Donates to the USO on its 73rd Birthday

Tony O'Reilly (SBAC President) and LeAndrea Mikell (Communications/PR) present donation to USO Chairman and volunteer coordinator.

Tony O’Reilly (SBAC President) and LeAndrea Mikell (Communications/PR) present donation to USO Chairman and volunteer coordinator.

Savannah, GA—The SBAC celebrated with the USO at its 73rd birthday celebration by donating to the local chapter. The SBAC collected $1,243.00 in monetary donations through its Lenders’ League networking group. Supplies were dropped off by members of the local community. SBAC President, Tony O’Reilly, was on hand to meet with volunteers of the USO and others as they celebrated over seven decades in existence as a national organization. “We are pleased that the USO allowed us to help in their mission. It’s an honor to meet with the individuals that selflessly give of their time and have such an impact in our local and national community.”

The USO provides support for our area’s troops and their families. There are nearly 200 volunteers supporting the USO operations at the Savannah Airport and Hunter Army Air Field. “It’s our honor to help the USO. We couldn’t think of a better group,” stated SBAC Vice President, Stephen George. The USO was chosen as the SBAC’s charity of choice for 2013, and the organization began collecting donations in October through its Lenders’ League networking group and from the local community.

About the SBAC: The SBAC is a specialized, non-profit business development organization licensed by the U.S. Small Business Administration and supported by the City of Savannah, the U. S. Department of Housing and Urban Development and the U.S. Department of Agriculture to promote economic growth.  Since 1989 the SBAC has been offering loan products in the City of Savannah, Southeast Georgia and Low Country of South Carolina.

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For additional information, contact the SBAC at 912-232-4700, or visit online at www.sbacsav.com .


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The Small Business Assistance Corporation Hosts Annual Luncheon and Awards Ceremony

Dr. H. Cribe of the Telfair Medical Center

Dr. H. Cribe of the Telfair Medical Center

SAVANNAH, GA– The Small Business Assistance Corporation hosted its Annual Luncheon and Awards ceremony at Savannah Station. Guests enjoyed food and live entertainment from the Armstrong Atlantic State University Chorus as the SBAC recognized the Small Business Lender of the Year, the Michael Bunn, Sr. Rising Star Small Business of The Year and the T McCoy Cornerstone Award to a person achieving the highest level of excellence as an Administrative Professional. “We love to take this time to honor those who have personified values we share” said Tony O’Reilly.

 

The SBAC awarded the 2013 Rising Star Award in honor of Michael Bunn, Sr. to the Telfair Medical Center owned by Doctor Habigaile Cribe. The Rising Star is SBAC’s small business of the year for highest achievement in entrepreneurial success and community service. Ryan Martin of Sea Island Bank was chosen as the SBAC’s Lender of the year for 2013 and Ms. Gloria Pace of SCAD was awarded the T McCoy Cornerstone Award. Retiring members of the board, Larry Blige, Patrece Grant and Linda Jaeger were also honored for their service. Tom Butler, who served as chairman also retired.   

 

About the SBAC

The SBAC, located at 111 E. Liberty, Suite 100 in Savannah, is a specialized, non-profit business development organization licensed by the U. S. Small Business Administration and supported by the City of Savannah and the U. S. Department of Housing and Urban Development to promote economic growth.  Since 1989 the SBAC has been offering loan products in the City of Savannah, southeast Georgia and Low Country of South Carolina.

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If you would like more information on the Small Business Assistance Corporation, please contact us at 912-232-4700 or visit online at www.sbacsav.com. The SBAC is an equal opportunity lender, provider and employer.


The Small Business Assistance Corporation Receives Assistance from Wells Fargo

Bank donates $1000 to Local Non-Profit

 Tom Butler and SBAC President, Tony O'Reilly

Savannah, GA – October 22, 2013 – The Small Business Assistance Corporation (SBAC) was selected as one of the local charities set to receive a donation of $1,000 as part of Wells Fargo’s annual Days of Giving breakfast.

The SBAC President, Tony O’Reilly, was on hand to accept the donation as the organization was recognized for its contribution to the community. “We are very grateful to Wells Fargo”, he stated. “This contribution allows us to further implement our efforts as we continue our ongoing mission of community development.” The SBAC was one of 19 local organizations recognized for their efforts.

About the SBAC

The Small Business Assistance Corporation, located at 111 E. Liberty, Suite 100 in Savannah, is a specialized, non-profit business development organization licensed by the U. S. Small Business Administration and supported by the City of Savannah and the U. S. Department of Housing and Urban Development to promote economic growth. Since 1989 the SBAC has been offering loan products in the City of Savannah, southeast Georgia and Low Country of South Carolina.

 

For additional information about the Small Business Assistance Corporation, please call at 912-232-4700 or visit online at www.sbacsav.com. The SBAC is an equal opportunity lender, provider and employer.


6 Step Guide- How to Get a Business Loan

Money is the lifeline of any business, so whether you’re starting a business or running an existing one, securing financing is a major factor, especially for small businesses.  Many budding entrepreneurs find the task daunting and don’t even know where to begin.

Here’s a simple yet practical guide on how to go about preparing to apply for a small business loan.

1.    What criteria do banks look for in making small business loans?

Different banks or lending institutions may have different standards, but in general, in order to consider your application for a small business loan, banks will require:

  • The loan must be for a sound business purpose. For SBA-guaranteed loans, the business must be eligible based on size, use of loan proceeds and the nature of the business (no lending, speculating, passive investment, pyramid sales, gambling, etc.)
  • You and your partner(s) are of good character, have experience and good personal and/or business credit history
  • Ability to pay back the loan- reasonable to strong collateral (personal and business assets) is very important. SBA expects the loan to be fully secured, but we will not decline a request to guaranty a loan ifthe only unfavorable factor is insufficient collateral. And of course, owners must have personal equity investment in the business/skin in the game.

2.    What information will you need?

Different lenders may require more or fewer documents, but in general, you will need:

  • Personal and business credit history
  • Personal and business financial statements for existing and startup businesses and as well as a projected financial statements
  • Strong, detailed business plan (including personal information such as bios, education, etc.)
  • Cash flow projections for at least a year, and
  • Personal guaranties from all principal owners of the business

3.    How can you set yourself up from the beginning to make the process easier? (i.e. accounting systems, etc.)

Be prepared; be thorough; be truthful.

  • Choose your lending institution carefully. Larger banks tend to shy away from small loans as they are less profitable and take the same amount of underwriting and servicing. That doesn’t mean large banks do not make small loans; it is just more difficult.
  • Approach banks or lending institutions you have worked with or are a customer of
  • Explore community banks and Credit Unions
  • Talk to a lending officer and find out exactly what documentation they require
  • Be thorough, bring everything they ask. Many loan applications are denied or face unnecessary hurdles because of incomplete applications.

Even before you start gathering and organizing the information required by lenders to consider your application, you should educate yourself regarding business loans so you can understand and discuss intelligently with the lending officers when the time comes.

4.    What is the typical size of a small business loan?

Small businesses come in many sizes, from a start-up of a one-person company to hundreds of employees, and their financial needs vary accordingly, so “typical” also varies. That said, in the banking industry the median small business loan is about $130,000 – $140,000 with highest around $250,000. SBA small business loans range from about $5,000 (microloans) to $5 million (largest guaranteed) with the average loan around $371,000.

5.    How can you get financing to start a business since many banks want to fund growth?

Start-ups are probably the most difficult ventures when it comes to securing financing. Many start-up businesses seek financing from family, friends and credit cards.  If the credit is sound, the business plan strong and you have enough personal resources to invest and collateral to guarantee, smaller, community banks and  other community financial institutions and Credit Unions may consider lending you money.

Your best bet by far is SBA assistance. Begin by visiting SBA’s website , where you will find a wealth of information not only on how to secure a small business loan but equally importantly, other services and training opportunities to help you succeed.

6.    Other Resources:

SBA works closely with a large network of partners that leverage SBA resources and are just one phone call away and ready to provide extensive help.

*The local (Savannah, GA) Small Business Assistance Corporation (SBAC) office is located at 111 E. Liberty Street inside the Small Business Resource Center along with offices for SCORE, SBDC and the U. S. Commercial Services Dept. of Commerce (Exporting Services)*

  • SBA District/Branch Offices– at least one in every state
  • SCORE– (approximately 300 chapters nationwide)
  • SBDCs – Small Business Development Centers; (approximately 900 locations nationwide; associated with higher education institutions (colleges and universities) Your local SBDC office is located at 111 E Liberty Street. Suite 200.
  • WBCs- Women’s Business Centers (approximately 100 educational centers nationwide)

Source: SBA.gov


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RYAN SCHNEIDER JOINS EXECUTIVE COMMITTEE OF SBAC’S BOARD OF DIRECTORS

 

Ryan Schneider

Ryan Schneider

Savannah, GA – July 25, 2013 The Executive Committee of The Small Business Assistance Corporation’s (SBAC) Board of Directors announced a new Executive Committee member. Ryan Schneider of PIER Commercial Real Estate was in attendance at the July 24 meeting. “I’m looking forward to continuing the current Board Chair’s strategic plan for small business development”, Schneider said as he joined the Executive Committee for the first time since his appointment.

 

Schneider is a graduate of Georgia Southern University where he obtained his Bachelor of Business with an emphasis on real estate and banking, and he holds the CCIM designation. “We are pleased to have Ryan join us in this capacity as we continue to support small businesses in our area,” said Tony O’Reilly, SBAC’s President. Ryan has served on the Board of SBAC since 2011.

 

The SBAC is a specialized, non-profit business development organization licensed by the U.S. Small Business Administration and supported by the City of Savannah, the U. S. Department of Housing and Urban Development and the U.S. Department of Agriculture to promote economic growth.  Since 1989 the SBAC has been offering loan products in the City of Savannah, Southeast Georgia and Low Country of South Carolina.

 

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For additional information, contact the SBAC at 912-232-4700, or visit online at www.sbacsav.com .