Small Steps to Success Loan Program
- To assist with the expansion of existing small businesses and encourage the formation of new small business enterprises by providing access to capital to micro businesses that are unable to obtain credit from traditional sources.
- To help small business owners overcome such barriers as inadequate collateral, little personal investment, and troubled credit history.
HOW DOES SMALL STEPS WORK?
The idea is to fund business projects in incremental steps enabling borrowers to take successively larger loans based on their needs and repayment record.
- Step One: A client can receive up to $2,500 for up to one year
- Step Two: After payback of the first $2,500, the borrower can get another $2,500 for up to one year.
- Step Three: The same client can qualify for up to $5,000, to be paid back over 18 months
- Step Four: Provides access to $15,000 for up to 60 months
AMOUNT TERM APPROVAL
- First Step: $2,500 12 Months In-House
- Second Step: $2,500 12 Months In-House
- Third Step: $5,000 18 Months Committee
- Fourth Step: $15,000 60 Months Committee
This program is a perfect match for small businesses that maintain low overhead such as:
- Painter and other construction trades
- Seasonal business projects
USE OF FUNDS:
- Acquisition of machinery and equipment
- Purchase of inventory
- Working capital
- Furniture and fixture
- Business acquisition
- Testing of a product or business idea
GENERAL FINANCING PROVISIONS:
- Collateral Requirements
- Personal and business assets
- Personal guaranty
- Interest Rates
- Business located within the City of Savannah – 4%
- Business located outside the City of Savannah – 6.5%
- Fees to Borrowers
- The borrower is responsible for all closing costs associated with the loan.
- A small business as defined by the U.S. Small Business Administration
- For-profit businesses located in the City of Savannah – and 44 counties in Southeast Georgia
- Independently owned and operated business
Other restrictions may apply.
All information is subject to change without notice.