Mayor's Office - Financing Programs

Municiple Building Photo Augusta
Mayor's Office

Financing Programs

U.S. SMALL BUSINESS ADMINISTRATION

The mission of the Small Business Administration (SBA), Georgia District, is "to provide leadership for the economic growth of Georgia communities through the development and support of small business."

What does this mean to Augusta and to your business?

This means financial assistance and success for your small business. The SBA is dedicated to providing you with a loan that is appropriate for your business interests.

Business loans are available to those independently owned and operated businesses not dominant in their fields. The proceeds can be used for expansion, modernization of facilities, augmentation of working capital, seasonal line of credit, new construction, building or equipment purchases, and refinancing of existing debt or payment of eligible business debts.

The SBA has a Pre-Qualification Loan Program that uses local private-sector nonprofit and for-profit agencies in order to simplify and increase small business opportunities for financial assistance.

The following are just a few of the loans that the SBA has available for your business. I am sure that you will be able to match your small business' needs with a financing program.

MICROLOAN PROGRAM:

This program was developed to increase the availability of very small loans to small businesses. Funds are available through nonprofit intermediaries, who make loans to eligible businesses in amounts ranging from $100 to $25,000. These loans can usually be processed in under one week.

LOWDOC:

The LowDoc is the SBA's answer to the staggering amounts of documentation often required in order to get a loan. This loan program insures quick SBA turn-around, easy one-page application. Maximum guaranteed amount is $150,000 for expansion, renovation, new construction, and other uses. Maturity depends on ability to repay and use of proceeds; not to exceed 25 years for fixed assets, 10 years for all other uses. Interest rates negotiable with lender.

504 CERTIFIED DEVELOPMENT COMPANY LOAN PROGRAM:

These loans come through nonprofit development companies licensed by the SBA. Certified Development Companies (CDC's) organize your financial package, complete all SBA paperwork, process, close, and service the loan, and finally, the CDC's help bring you business and long-term customers.

As a benefit to your business this loan offers you the ability to expand and modernize your business. The maximum amount guaranteed for the SBA portion of this loan ranges from $750,000 to $1 million. A for profit business that does not exceed $6 million in tangible net worth and does not have an average net income over $2 million for the previous two years may qualify for this loan.

SBA EXPRESS LOAN:

The SBA Express Loan allows the lender to approve the loan and requires no additional paperwork for the SBA. It provides for rapid response from the SBA, simplifies the application process, and helps lenders provide smaller revolving loans to businesses. The maximum amount of this loan is $150,000, and is available for entrepreneurs who are starting, expanding, or building a business. Businesses that meet the SBA size standards, and satisfy other criteria are also eligible.

REGULAR 7(a) LOANS:

This loan provides a maximum guaranteed loan amount of $750,000. Its uses include expansion and renovation, purchase of land or buildings, purchase equipment or fixtures, and refinance debt for compelling reasons, as well as other uses. Eligible businesses must be for profit and meet SBA size standards, show good character, credit, management, and ability to repay.

Other loan programs available through the SBA include the International Trade Loan, the Export Working Capital Program, the CAPLine Loans, the Delta Defense Loan, and the Pre-Qualification Loan.

For more information go to the SBA web site at http://www.sba.gov or locally

Contact:

The University of Georgia
Small Business Development Center
(706) 737-1790

or

CSRA Development Companies
Diane Masters
(706) 667-4592.

INDUSTRIAL REVENUE BOND FINANCING:

Tax-exempt and taxable Industrial Revenue Bond (IRB) financing is available through the Development Authority of Richmond County. Benefits include lower rates and longer terms, particularly for smaller manufacturing projects and for larger companies. Projects enjoy the flexibility and creative financing that Industrial Revenue Bonds provide.

Contact: Walter C. Sprouse, Jr., CEcD, CCE, FM
Development Authority of Richmond County
(706) 821-1321

LINK DEPOSIT PROGRAM:

The Link Deposit Program’s purpose is to provide Augusta’s eligible small, minority and women owned businesses additional sources for obtaining loan funds. Program available from First Bank and SunTrust which will agree to make loan funding available to eligible Augusta small, minority and women owned businesses.

Contact:

Robbie Burns
Human Resources
(706) 821-2303