Private lending institutions throughout Georgia have new tools – and new money – available to help finance economic development.
The State Small Business Credit Initiative is an economic development program designed to enable loans for small businesses that currently fall just outside of conventional underwriting standards.
“For banks that aren’t willing to make marginal loans, this offers backup,” said Holly Hunt, SSBCI program manager with the Department of Community Affairs. “This will help the plumber that needs a new truck to stay in business or companies that have lost value.”
Bankers from Walker, Catoosa, Chattooga and Gilmer counties recently heard Hunt and DCA Deputy Commissioner Brian Williamson deliver a brief overview and PowerPoint presentation of the program’s merits and structure.
“This is designed for marginal loans,” Williamson said during the information session held at the Walker County Civic Center.