ACT! is a nonprofit organization that provides loans to start and grow businesses in South Georgia. ACT! offers its borrowers business development resources to create sustainable businesses. ACT! is certified by the U.S. Department of Treasury as a Community Development Financial Institution (CDFI).
ACT! provides its clients with business development services that seeks to help them grown and sustain their enterprises. ACT! will also assist in finding a banking partner for their clients to develop a long-lasting banking relationship.
- Make sure payments are available monthly through electronic funds transfer
- Provide annual financial statements
- Communicate with ACT!
- Keep us informed ahead of time of any issues
- Personal commitment to repay your loan
- Be committed to your business endeavor
- Gambling
- Adult Entertainment
- Investment Companies
- Pyramid or Multi Level Marketing Businesses
Any small business owner or entrepreneur within our counties served
Minimum Eligibility Requirements
You will not be eligible for a loan if you fail to meet any of the following criteria:
- Free of active bankruptcies for the last twelve months.
- Free of foreclosure for the last twelve months.
- Mortgage and rent payments for home and business must have been paid on time for the last twelve months.
- Mortgage must not be in the process of restructure or modification.
- Must be current on all vehicle loans.
- Must be free of all tax liens, or have an active payment plan that can be verified.
- Business must not be involved in the adult entertainment, multi-level marketing, or gambling business.
- Cannot have any outstanding judgments.
- All Federal debt including student loans must be in good standing.
- Borrower cannot have any non-medical collections within the last six months or they must be paid.
- You must be personally responsible for the repayment of the debt.
- You must have collateral to pledge for this loan.
- The business must demonstrate the ability to repay the new credit. The business principal will be required to guarantee the loan and must show any discretionary income that is available to repay the loan.
Remember, these are minimum eligibility requirements. Larger loan amounts carry higher eligibility requirements. If you have any questions before applying, please contact the loan officer at 229-420-4600.
Documents Required
Basic documents required for your application include:
- Personal and business addresses and contact information
- Personal and business tax returns and bank statements
- Personal financial statements on ALL principals owning more than 20% of the business
- Business income statement and balance sheet (if in business)
- Purpose of loan and information about planned use of proceeds
- Personal and business pro-formas and debt information
- List of collateral to be used to secure the loan
- Documentation of other forms of income
- If using a co-signer, their personal information
- References
- Pay stubs and proof of all income listed on application, if employed
- Startups (12 months of operation or less) will need a detail business plan, financial projections, start up budget, and proof of equity
- Invoices/estimates on equipment, furnishings, fixtures, etc. to be purchased with the loan proceeds.
Additional documents may be required on a case-by-case basis.
Any small business owner or entrepreneur within our counties served
Basic documents required for your application include:
- Personal and business addresses and contact information
- Personal and business tax returns and bank statements
- Personal financial statements on ALL principals owning the business
- Business income statement and balance sheet (if in business)
- Purpose of loan and information about planned use of proceeds
- Personal and business pro-formas and debt information
- List of collateral to be used to secure the loan
- Documentation of other forms of income
- If using a co-signer, their personal information
- References
- Pay stubs and proof of all income listed on application, if employed
- Start ups (12 months of operation or less) will need a detail business plan, financial projections, start up budget, and proof of equity
- Invoices/estimates on equipment, furnishings, fixtures, etc. to be purchased with the loan proceeds.
Additional documents may be required on a case-by-case basis.
ALL loans require a personal guaranty by all principals owning the business.
Loan amounts ranges from $500 to $250,000
The loan funds can be used for expanding an existing business, start-up businesses, working capital and start-up capital. The loan funds cannot be used to pay off personal debt or credit card debt, or for personal expenses. In the case of real estate, the loan terms can be tied to life of the asset. The loan cannot be used to pay-off delinquent federal, state, or local taxes held in trust.
Yes, the applicant will be asked to pledge some form of collateral such as house, land, inventory, equipment, and any assets being purchased with the loan funds. ACT! will file a UCC1 blanket lien on the business assets, inventory, fixtures and equipment.
Interest rates vary and are determined by the market rate and loan risk. Our terms range from 3 months to 72 months, depending on the loan amount.
No, there is no prepayment penalty on any of our loans. A loan can be paid in full at anytime.
A well-written business plan improves your probability of success by helping you evaluate the feasibility of your business idea in an objective way. The plan is much like a road map for your business and helps you identify opportunities, avoid mistakes, and develop production, administrative and marketing plans, as well as budget guidelines. The plan also serves as the foundation for your funding proposal and provides lenders and investors essential details about your operation, financial strategy and the amount and type of financing your venture requires.
Contact a Small Business Development Center for assistance at www.georgiasbdc.org
UGA/SDBC
125 Pine Avenue, Suite 140, Albany, GA 31701
Phone: 229) 420-1144
ACT! has a combination of funding sources some private and public. ACT! must repay its debts just as ACT! borrowers do. ACT! must rely on contributions to offer affordable business support services such as money mentors, financial education and networking opportunities.