SAVANNAH REGIONAL SMALL BUSINESS CAPITAL FUND REACHES $1.2 MILLION

James K. Austin (Legal Counsel), Jim Sheffield Jr. (Sandfly, Inc.), Kris Whitley (Vice President), Salita Hill (Secretary), Carol Coppola (SunTrust Bank),  Ronald Weller (President), Tony O’Reilly (Executive Director)

July 2013 Capital Fund Board Meeting

Savannah, GA – July 16, 2013The Savannah Community Development Corporation (the “Capital Fund”) in conjunction with the Small Business Assistance Corporation (SBAC), its non-profit servicing agent, is poised to increase its lending efforts throughout our market area. 

A capital call was sent out, and shareholders responded by bringing together a total of 1.2 million dollars, which will be available for small business loans in the local and surrounding areas. “We are here to help small businesses,” stated Tony O’Reilly (Executive Director), “and we are happy to have more funds available for our communities.” The group met last week in the SBAC office located at 111 East Liberty Street.

The Savannah Regional Small Business Capital 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. “These are the kinds of things the banks want to be doing,” says Carol Coppola (SunTrust Bank).This is done by enabling local banks to make equity and special debt investments for small business development. However these 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 a significant community development impact. The SBAC provides loan packaging and servicing for this fund.

The SBAC is a specialized, non-profit business development organization licensed by the U.S. Small Business Administration and supported by the City of Savannah, the U. S. Department of Housing and Urban Development and the U.S. Department of Agriculture to promote economic growth.  Since 1989 the SBAC has been offering loan products in the City of Savannah, Southeast Georgia and Low Country of South Carolina.

#   #  #

For additional information, contact the SBAC at 912-232-4700, or visit online at www.sbacsav.com .