Small Business Assistance Corporation has been awarded a $500,000 low interest loan from the U.S. Small Business Administration for relending to area micro businesses.

If you are a Savannah area business or an entrepreneur starting a business with less than six employees needing a small loan for most any business purpose, maybe the SBAC MicroLoan Program is for you. The maximum loan is $35,000 and it may be combined with another bank loan for a total financing package of $105,000. The current interest rate is 6.5 percent fixed for the life of the loan that can go as long as six years.

Ron Weller, chairman of the board of directors of SBAC said, “We are grateful to the U.S. Small Business Administration for placing their confidence in SBAC.”

If you are interested in any loan programs offered by SBAC, you can get information and fill out a loan application online at www.sbacsav.com or contact Debra Simmons, Community Development Lending Officer at (912) 232-4700 or 1-888-287-2137.