SBAC Launches a Storm Recovery Loan for Flood-Affected Small Businesses

SAVANNAH, Ga. - Aug. 19, 2024 - PRLog -- In response to the catastrophic flooding caused by Tropical Storm Debby across Southeast Georgia and South Carolina's Lowcountry, the Small Business Assistance Corporation (SBAC) is announcing the launch of its Storm Recovery Loan Program. This loan program provides federal funds for financial relief to local small businesses affected by the flooding.

Tropical Storm Debby has brought historic rainfall to the region, leading to widespread flooding, and power outages that have severely affected local businesses. SBAC's new loan program provides immediate financial assistance to help these businesses cover expenses necessary for recovery. Qualified borrowers can get up to $15,000 in assistance. Financing will have a maximum term of 36 months, a 7% interest rate, and interest-only payments until 2025.

"Our community has been hit hard by this disaster," said Wendy Jeffers, SBAC's Director of Lending. "We are committed to supporting our small businesses through this challenging time by providing the financial resources they need to rebuild and recover."

Borrowers must be an existing business, provide two years of business tax returns, have a current business license and submit a written statement of need. All loans are subject to funds availability and credit approval.

Local community organizations, banks, businesses, and media outlets are encouraged to spread the word about this crucial support for our small business community. For more information or to apply, visit SBAC's website (https://sbacsav.com/storm-recovery-loan-program/) or contact SBAC directly.

About SBAC: The Small Business Assistance Corporation (SBAC) is a nonprofit lending organization that provides equitable access to capital and business opportunities, focusing on community strength and an inclusive economy. Since its founding in 1989, SBAC has supported small businesses in Southeast Georgia and the Low Country of South Carolina with tailored financial solutions and technical assistance.