Economic Development Loan Program

History of Program

The Economic Development Loan Program, also known as the Small Business Development Loan Program (SBDLP) was created to provide financial and technical assistance to all entrepreneurs seeking to establish new businesses or to expand existing ones. Our program satisfies the “low/moderate income benefit” objective of the U.S. Department of Housing and Urban Development (HUD). The Augusta Housing and Community Development Department (AHCDD) wants to see businesses develop and flourish in the City of Augusta and that is why we encourage business development and strongly believe that small businesses are the backbone of Augusta’s economy.

Additionally, the City of Augusta recognizes that there are many obstacles that impede the success of small businesses. Our program recognizes that and offers products and services to help small businesses and entrepreneurs get started and remain in business.

Financial and technical assistance is offered to small businesses and entrepreneurs located and operating within Augusta – Richmond County of Augusta, Georgia. Each client receiving financial assistance through the Small Business Development Loan Program will agree to accept required technical assistance upon the recommendation of the Augusta Housing and Community Development Department (AHCDD).

For additional information please contact the Program Coordinator at (706) 821-1797.


Funding Source

Funding is provided by Community Development Block Grant (CDBG) Funds through the United States Department of Housing and Urban Development.

Use of Loan Proceeds

  • Purchase of machinery, equipment, supplies and inventory
  • Purchase of business or franchise
  • Purchase of easements, right-of-way, building facilities
  • Acquisition of real estate
  • Make capital or leasehold (tenant) improvements
  • Promotion/Advertising
  • Legal/Accounting
  • Start up Operating Costs
  • Working Capital
  • Technical Assistance Measures
  • Feasibility Studies
  • Promotion/Advertising
  • Fees and Charges. Authorized fees include professional fees rendered by professionals generally licensed by individual state or accreditation associations, such as architects, lawyers, accountants, and appraisers.

Qualifying Factors

  • Project must provide benefit for low and moderate-income persons (job creation or retention). Venture must create or retain at least one full-time permanent job or two part-time jobs per $35,000 of CDBG funds used or provide goods or services to residents of an area, such that the number of low and moderate income persons residing in the areas served by the assisted business amounts to at least one low and moderate income person $350 of CDBG funds used
  • Must evidence a financing gap
  • Must evidence sufficient collateral and security
  • Must inject owner's equity (of the total startup costs) into venture (percentage is determined by the type of loan being applied for)
  • Must demonstrate ability to repay as agreed
  • Must have good personal and /or business credit history
  • Must not have local, state, or federal tax liens or back taxes due
  • Must have a sound existing or proposed business enterprise, i.e., available cash flow must be evident to service the proposed debt and the outlook for continued ability must be evident
  • Good character and integrity
  • Entrepreneur must have an established commercial checking account for the business
  • Entrepreneur must provide a copy of updated business license
  • Entrepreneur must have their business registered with Dunn & Bradstreet prior to closing