Small Business Assistance Corporation

Memories. The happy memories of people shopping, and families walking downtown on Broughton Street on a sultry Savannah afternoon. Those memories were the inspiration for Ruel Joyner to return to the nearly unoccupied Broughton Street. Ruel had a vision to take his father’s rent-to own furniture store and transform it into a unique wholesale modern furniture store.

When asked “Why Broughton Street?” Ruel candidly responded, “The opportunity was there. It just needed people and businesses to see the future of Broughton Street as full of small businesses, entrepreneurs and shoppers.”

By 2004, 24e. had many neighbors on Broughton Street and the G-8 conference attendees held the promise of a potential boost to sales. They bought inventory, prepared special window displays and launched marketing campaigns to attract the worldly visitors. All of this expense and preparation went awry when security cordoned off Broughton and surrounding areas. The small businesses expecting the world were now essentially shut down.

The Small Business Assistance Corporation in conjunction with the City of Savannah created a temporary loan program to help these businesses access capital quickly during the unexpected turn of events. “This loan program was fairly easy. We wanted to make it so these folks could receive the capital they needed during that specific timeframe,” stated Tony O’Reilly, SBAC President. “We can collaborate with the City of Savannah on special short-term loan programs to assist and sustain economic development. After the G-8, Ellis Square renovation began and there were businesses affected by the necessary traffic rerouting. It was a trickier situation, however these small boutiques and businesses work to shape the economy of Savannah. The SBAC has the ability to do what a traditional banking institution cannot- flex and create assistance for the situations that arise in our local economy.”

“I found out about this special program from Lisa Sundrla at the SDRA. She pointed me to the Small Business Assistance Corporation. The whole thing from start to finish was simple and effective,” stated Ruel Joyner. 24e. Furnishings and over 20 other businesses in the security zone benefitted from this short-term loan program.

So, what is Ruel Joyner’s advice to entrepreneurs before they have to face the unexpected?
• Do a business plan; revise it regularly and then..do it again.
• Numbers are the ‘name of the game’ -if you aren’t great at it; find someone who is.
• Find a local bank - it’s about the relationship. You will need someone who knows your name, your business and your neighborhood.
• Hard work.
• Utilize the many great resources in Savannah - the Downtown Business Association, the SDRA, the SBAC. There’s strength in numbers!

Jessica Byck has joined the Small Business Assistance Corporation (SBAC) as a new Microbusiness Finance Associate. Ms. Byck will be responsible for production of small business loans throughout the lending process concentrating on the rural county areas of Bryan, Bulloch, Effingham and Liberty counties. She will also represent the SBAC in community outreach and participate in seminars to small business, banking institutions, Chambers of Commerce and technical collegiate institutions.

“Ms. Byck is a welcome addition to the SBAC team. Small business owners throughout our 53 counties will now be able to benefit from the face-to-face time with an SBAC representative,” stated SBAC President Tony O’Reilly.

Ms. Byck, a native Savannahian, is a recent graduate of the University of Georgia’s Terry College of Business. She continues to be active in the community and was a teaching volunteer for “Early Learning First”.

Pollard’s Lawncare is the dream of James Pollard. He launched in early 2007 and soon had over 30 commercial and residential customers. With an expanding customer base, he needed to upgrade to industrial equipment and hire extra help. So, Mr. Pollard visited the Small Business Assistance Corporation(SBAC). He reviewed several options with one of the Loan Officers and selected the Small Steps to Success loan program as the best fit for his small business need.

Pollard’s Lawncare received a $2,500 Small Steps to Success loan. With the acquisition of the new equipment, “I am able to bid on the larger jobs and create a job for someone who needed a second chance,” stated Mr. Pollard.

“I encourage an entrepreneur who is trying to expand their business to apply,” Mr. Pollard continues, after admitting he hesitated to apply after his first visit to the SBAC.

Debra Simmons, SBAC’s Community Development Loan Officer, explains, “The Small Steps to Success Loan Program offers financing to entrepreneurs who cannot access the traditional forms of commercial financing for their business. The idea is to fund business projects in incremental steps enabling borrowers to acquire successively larger loans based upon need and repayment record. For example, in Step One a client may receive up to $2,500 for a term of one year. However, by Step Four the maximum loan amount has increased to up to $15,000 for a term of sixty(60) months.” Loans can be made for a variety of business purposes: from product testing to startup to business expansion.

Small businesses in the service industry are well-suited because of their traditionally low overhead burdens. Entrepreneurs with little collateral and credit history issues are also good candidates since the program establishes management capability and a repayment track record for the business.