The Small Business Assistance Corporation (SBAC) will lend $1 million to small businesses in its new development program. The $1 million amount was obtained from the “US Department of Treasury’s Community Development Financial Institution Fund, also referred to as the CDFI Program” and will be used to support “alternative small-business lenders that are committed to making business capital available to underserved sectors of the small-business economy. ”
The funding opportunity will also support a national competition for small business lending activities. Focusing on the city of Savannah, the “organization will prioritize making loans to qualified entrepreneurs unable to access traditional commercial lending products.”
Congratulations to the city of Savannah and its small businesses. Hopefully these funds will help generate economic growth and create jobs for the long term.