Small Business Credit Initiative seminar scheduled Wednesday

From Staff Reports
business@newnan.com
The Coweta County Development Authority and the City of Newnan Business Development Office are sponsoring a state Small Business Credit Initiative seminar that will be held at the Carnegie Building from 1:30 to 3 p.m. on Wednesday.
DCA’s SSBCI Program Manager Holly Hunt will conduct a presentation on the program. It is particularly aimed at bankers, credit unions and small businesses.
The Small Business Jobs Act of 2010 became law in the fall of 2010. The Act created the State Small Business Credit Initiative, funded with $1.5 billion to strengthen state lending programs that support small businesses and manufacturers. Of that total amount allocated, Georgia was allocated $47,808,507. Any approved program must ultimately generate $10 in private leverage for each public dollar awarded by the state.
The State of Georgia application to the U.S. Treasury was approved and the allocation agreement executed in December 2011. Following discussions with Treasury, Georgia’s SSBCI allocation agreement approves three programs. Those programs are:
1) Georgia Funding for CDFIs, to which the state will allocate $20 million;
2) Georgia SBCG, or Small Business Credit Guarantee, to which the state will allocate $17,808,507; and
3) GCAP (Georgia Capital Access Program), to which the state will allocate $10 million.
For more information regarding SSBCI, visit http://www.georgia-ssbci.org/default.html .
To register, contact Brenda Washington of the Coweta County Development Authority at bwashington@coweta.ga.us .

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