Savannah Regional Small Business Capital Fund

This fund is capitalized by four area banks: BB&T, Bank of America, SunTrust Bank and Wells Fargo Bank,to promote economic growth in the Savannah region by enabling local banks to make equity and special debt investments for small business development. The investments are not regular bank loans. The Capital Fund seeks to undertake community development activities such as job creation, through business modernization, diversification of the economy, neighborhood commercial revitalization and special projects with significant community development impact. SBAC provides loan packaging and servicing for this fund.

ELIGIBILITY

  • Small and minority business projects within the 53 assigned counties.
  • Loan or investment requests that can not obtain funding from other reasonable sources.

BANK SPONSORSHIP

The request must come through a local area financial institution or SBAC and a sponsoring financial institution must be willing to loan 50% of the request.

MAXIMUM REQUEST

  • 50% of total capitalization of request or $100,000, whichever is less.

UNDERWRITING PROVISIONS

  1. Rate: Negotiated, but will reflect the risk associated with the transaction
  2. Term: Typically less than seven (7) years
  3. Form of Capital: Debt or equity or a combination of the two
  4. Management: Management should be experienced and have a comprehensive business plan
  5. Collateral: Case by case evaluation
  6. Credit History: Principals must display an ability to manage obligations in a credit worthy manner

BUSINESS PACKAGING

Business packaging assistance is available from Small Business Assistance Corporation for pre-qualified requests.

FEES

  • There is 1 1/2% origination fee on the loan or investment amount.
  • There is also a 1/2% monthly service fee on the outstanding balance for the life of the financing.

HOW TO APPLY

Obtain a loan application:

  1. Apply Online
  2. Download the Application (PDF format) and return completed form by fax to (912) 232-0385
  3. Contact the SBAC by Phone at (912) 232-4700
  4. Visit the SBAC Office: 111 E. Liberty Street, Suite 100 – Savannah, GA 31401