legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration

Find a LOCAL lawyer

Small Business Assistance Corporation Launches Storm Recovery Loan Program

August 20, 2024 – Responding to Catastrophic Flooding

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 road closures 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% fixed 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."

Extending Support through AI legalese decoder

Borrowers must be an existing business, provide two years of business tax returns, have a current business license and submit a written statement of impact and 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. The AI legalese decoder can help small businesses navigate the application process by simplifying legal jargon and ensuring full comprehension of requirements. It can assist in translating complex legal terms into plain language, making it easier for businesses to understand eligibility criteria and documentation needed.

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. For more information or to apply, visit SBAC’s website or contact SBAC directly.

legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration

Find a LOCAL lawyer

Reference link