Albany Businesses to Get Back on Their Feet with New Loan Program
Albany, GA – In the wake of the recent chaos caused by Hurricane Helene, it’s been a tough few weeks for many local businesses. But there’s a silver lining on the horizon! The organization, ACE (Access to Capital for Entrepreneurs), has just rolled out an exciting new initiative called the Emergency Disaster Relief Loan Program to provide crucial financial assistance to those affected by this disaster.
What’s This Program All About?
This newly launched loan program is gearing up to support small businesses across a massive service area covering 32 counties in South Georgia. With loans available for up to $50,000, business owners can breathe a sigh of relief as they tackle necessary expenses such as repairs, restocking inventory, and managing day-to-day operational costs that might have become burdensome post-hurricane.
The Numbers
Here’s an overview of what interested businesses can expect:
- Loan Amount: Up to $50,000
- Interest Rate: A competitive 6%
- Payment Terms: 6 months of interest payments only, then 36 months of principal plus interest payments.
- Application Fee: Completely waived!
- Down Payments: None required!
Applying is a Breeze!
The application process is set to be quick and simple, ensuring that businesses don’t have to wait around to start their recovery. ACE has promised a streamlined application system to get those funds flowing as soon as possible. This means less time on paperwork and more time focusing on rebuilding.
Additionally, if anyone runs into challenges while filling out the application, ACE has team members on hand to help guide them through the process. It’s a community initiative that’s really about looking out for each other.
Who Can Apply?
The loans are available to small businesses located in ACE’s 32 County Service Area, which includes Albany and neighboring cities such as Augusta, Valdosta, Tifton, and Savannah, among others. This initiative aims to bridge the gap for businesses facing hardships due to the hurricane’s aftermath.
Important Dates to Remember
Business owners interested in applying should mark their calendars. The application deadline is set for December 11, 2024. As time goes on, it’s essential to act quickly and get those applications in. Waiting might mean missing out on this lifeline.
Use of Funds
Whether it’s fixing a roof, buying new stock, or covering payroll during tough months, the funds from these loans can be used for a variety of operational needs that can help businesses stabilize. It’s all about getting back on track and serving the community effectively.
Got Questions? Ask Away!
For anyone who’s interested or has questions, there’s help right around the corner. You can reach out to ACE representatives, who are ready and eager to assist. Here are some handy contacts:
- Chanel Randolph: 229-256-0293
- William Hurt: 229-252-3737
- Ana Maag: 229-374-9665
- Tommie Beth Willis: 229-270-1620
In Conclusion
With the establishment of this loan program, there’s a renewed sense of hope for local businesses in Albany and surrounding areas. Together, they can rise from the challenges posed by Hurricane Helene and continue to contribute to the vibrant community in South Georgia. Remember, every application counts, so spread the word and let’s help our businesses thrive once again!
