VIDALIA, GA (WTOC) - Small business owners, or those considering starting a new enterprise, could soon find funding from a $500,000 USDA grant.
USDA Rural Development awarded the money to the Small Business Assistance Corporation (SBAC Inc.), who will then use it for micro-loans to either existing businesses or potential businesses.
"We can loan a maximum of $50,000 for any one business and loan it for up to 10 years," explained Debra Simmons of SBAC.
The goal is to help business owners start or expand and create jobs when they hire employees. That could resemble the impact a single large business could have it it's arrival. But local leaders caution the money won't be wasted.
"This is to help the entreprenuer who has done their homework, has a business plan and just needs a little financial asisstance," said Bill Mitchell of the Vidalia Toombs Chamber of Commerce and Industrial Development Authority.
Simmons said, with revolving loans, SBAC would be able to redistribute the funds to more business owners once the original borrowers begin repayment.
For more information, visit www.sbacsav.com.