The Business Loan Specialists. 

October 2010 Newsletter

Header Forsyth Fence
KarlBohnstedtChairman's Message...
World Wide Webinars...

We are proud to introduce the creation of the "Entrepreneur Academy" to the many tools the SBAC offers. Our first webinar on October 19th covered the SBA 504 and 7(a) programs as well as the changes to expect from the passage of H.R. 5297 in September.

These webinars will cover each one of the SBAC's loan programs and then branch out to include other topics to help entrepreneurs in their day to day business activities. If you can't make a presentation, we'll be posting the pdf the week following on our website and the slideshow on our YouTube Channel for easy viewing. OR if you have a topic you think we should cover, please email us with your suggestions.


Karl Bohnstedt, Chairman
Small Business Assistance Corporation
The Buzz about Savannah Bee Company
 

"Follow your passion." Simple advice, but these three words catapulted Savannah Bee Company's, Ted Dennard, from teaching beekeeping to village farmers in Central America to bottling honey for gifts and making lip balm as gifts to 2010 Inc. Magazine list of fastest growing companies for the second year in a row...accomplished in a mere twelve years.

 

Ted began the journey at the SBDC writing a business plan with the focus and assistance of Lynn Vos. "A small business is like a hive. Every person and item has a role to play and can influence and change their environment. I needed the funding to take those people and the product to the public." He went "public" on Broughton Street with an EDA-MLK loan in conjunction with the City of Savannah. "Savannah Bee Company had a unique, high-quality product that was ahead of the curve," says Stephen George, Vice President of the SBAC "Ted and his team were the first in their niche. We knew from his first visit that his passion and impeccable organization would make Savannah Bee a success."

 

The EDA loan that created the signature storefront Savannah-ians and visitors still buzz about spurred an addition to the Savannah Bee Company hive. Ted revisited the SBAC needing to build a warehouse & second store on Wilmington Island. An SBA 504 loan with its flexible use, low interest rates (4.62% for Sept. 2010) and long-terms (up to 20-year fixed) fit the needs.

 

After so much success, what does the King Bee have to say to others venturing to build their own business hive? "Many people in business don't realize how far-reaching their seemingly little product or service is for people in the community. The analogy of small business as a beehive - every person has a role and an impact. We all interrelate in so many ways that in the day-to-day gets overlooked. But that's where the most important stuff happens."

H.R. 5297 & You

What does the passage of H.R. 5297 "Small Business Jobs Act" mean for you and your small business?

Here are the changes in effect/coming soon:
  1. SBA 504 Program:
    • fee reductions extended through 12/31/10 or until the appropriations are depleted.
    • permanently increases the loan maximums, including  public policy loans, to $5M except manufacturer or energy loans which increase to $5.5M
    • establishes a 2-year temporary program of business debt refinance independent of the usually required job creation/retention preservation goals of one job per $65,000. This allows the program to be used for refinance of qualified existing business debt without business expansion.
  2. SBA 7(a) Loan Guaranty Program:
    • extends the fee reductions and 90% guarantees through 12/31/10 or until the appropriations are depleted.
    • increases the maximum of 7(a) loans to $5M gross and $3.75M net (or guaranteed amount)
  3. SBA Microloan Program:
    • increases loan maximum amount from $35,000 to $50,000.

In This Issue
Loan Got Jazz'd Tapas Going
Article Title
Mark Your Calendars!
Mark Your Calendars! 
 
2010 SBAC Annual Meeting
Wednesday, December 1st
11:30 a.m. to 1:30 p.m.

Savannah Station

To RSVP: Call 912.721.6314 or click here to email.

Lenders League - Lights, Camera, Auction!
Wednesday, December 15th
4:30pm - 7:00pm
Meddin Studios - Louisville Road

Join us for the final Lenders League of 2010 as we host a silent auction (items donated by SBAC  clients) to benefit Union Mission, Greenbriar Children's Center and the Community Health Mission. Network and find the perfect gift for this holiday season.

RSVP to: mmousourakis@sbacsav.com

What is the SBAC?
 
The SBAC is a is a specialized, non-profit business development organization licensed by the U. S. Small Business Administration and supported by the City of Savannah and the U. S. Department of Housing and Urban Development to promote economic growth.  Since 1989 the SBAC has been offering loan products in the City of Savannah, southeast Georgia and Low Country of South Carolina.
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Small Business
Assistance Corporation
111 E. Liberty Street, Suite 100
P.O. Box 10750
Savannah, Georgia 31412
Toll Free: 888.287.2137
Phone: 912.232.4700
Fax: 912.232.0385

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The SBAC is a is a specialized, non-profit business development organization licensed by the U. S. Small Business Administration and supported by the City of Savannah and the U. S. Department of Housing and Urban Development to promote economic growth. 
SBA           City of Savannah            USDA  
The Small Business Assistance Corporation is an equal opportunity lender, provider and employer.