Martin Luther King EDA Revolving Loan Program


To assist with the expansion of existing small businesses and encourage the formation of new small business enterprises in the City of Savannah. Priority is given to businesses located North of Victory Drive in the target area as defined by the HUD.


  • Land and building acquisition
  • Construction and/or renovation of facilities (facilities must be utilized by the business applying for the loan)
  • Acquisition of machinery and equipment
  • Purchase of inventory
  • Working capital
  • Purchase of furniture and fixtures
  • Business acquisition


  1. Loan Amounts (subject to availability)
    • Minimum Amount: None
    • Maximum Amount: $150,000
  2. Collateral Requirements
    • Pledge of available personal and/or business assets
    • Personal guaranty
    • Security interest on business assets
  3. Term (fully amortized monthly payments)
    • Up to three (3) years for working capital and inventory
    • Up to seven (7) years for fixed asset purchases
    • Up to ten (10) years for real estate acquisition or facilities improvement
  4. Interest Rates
    • The interest rate is set at Prime rate, as stated in the Wall Street Journal, minus four percent (4%) for businesses in the target area as defined by the HUD.
    • Interest rate for businesses in other areas in Savannah will be fixed at 6.5%.
    • The interest rate will be no lower than four percent (4%) and no more than twelve percent (12%).
  5. Fees to Borrower
    • The borrower is responsible for all closing costs associated with the loan


  • Small business as defined by the U.S. Small Business Administration
  • For-Profit businesses located in the city of Savannah – priority given to businesses located North of Victory Drive (businesses located in the target area as defined by HUD)
  • Independently owned and operated businesses
  • For every $35,000 of loan proceeds, a job must be created or retained for a low to moderate income individual (based on household income); and
  • Provide substantial public or area benefits


  • Speculative real estate investment – this includes apartments and/or residential housing of any type
  • Non-profit organizations


  • The maximum debt to equity ratio for the loan fund is 5 to 1 – For every five dollars of debt, there must be one dollar of cash or assets contributed by the applicant.


Other restrictions may apply.


All information is subject to change without notice.