SBAC Storm Recovery Loan Program

Financing available to businesses for assistance with recovery from the effects of Hurricane Matthew.

Many businesses in Coastal Georgia and South Carolina have been impacted by the devastation of Hurricane Matthew that hit October 2016. Businesses in affected locations suffered from property and equipment damage, loss of inventory, and interruption of normal business activity caused by power outages and/or evacuations. The SBAC Storm Recovery Loan Program is intended to provide financial assistance to speed resumption of normal commercial activities.

The SBAC Storm Recovery Loan Program is for small businesses in the City of Savannah, its surrounding counties: Chatham, Bryan, Bulloch, Effingham, Liberty, and Long; and the South Carolina’s Low Country counties of Hampton, Jasper, Beaufort, Colleton, Charleston, and Dorchester. 

Loan Details

Business need:

Property and Equipment damage, Loss of inventory, Loss of revenue due to closings, power outages, and cessation of tourism

Eligible Uses:

Building Repair, Equipment Repair and/or Replacement, Inventory Replacement, Bridge Loan to Insurance Claim Payment, and Operating Capital

Amount:

Up to $30,000

Term:

Up to 35 months, amortized principal and interest

Rate:

Minimum 4.5%

Fees:

$100 closing fee plus applicable filing fees

Collateral:

Personal Guaranty

Lien on all Business Assets or Real Estate (if repair to building)