Find out more about the Small Business Growth Loan Program
Q: Where do the funds for the JDA Turntable Revolving Loan for Small Business Growth fund come from?
The Turntable Revolving Loan Fund for Small Business Growth (RLF) was initially funded with $1 million from the Athens-Clarke County Unified Government, from the General Fund, which is funded in part through the millage rate (property tax). As loans made from the RLF are repaid by businesses, those repaid funds will be loaned again to other businesses, allowing the funds to revolve.
Q: How is creditworthiness defined?
Personal Guarantors and borrowers must have a credit score of at least 650 and a annual debt service coverage ratio of 1.25 or higher. Debt Service Coverage indicates your ability to produce enough income to pay your debt payments. You must have at least 1.25x net income over annual debt payments. For example, if you pay $5,000 a year in debt payments, you must have at least $6,250 of net income (income after expenses).
Q: What types of businesses are eligible for this loan program?
This programs is targeted to for-profit businesses that meet the strategic priorities for this fund. Businesses that are physically located in Athens-Clarke County or the City of Winterville and that are current on their ACC or City of Winterville occupational tax and have paid it for at least the past 3 years (2021, 2022, 2023 or 2022, 2023, 2024) are eligible.
Q: How are loan amounts determined?
The maximum loan amount is $25,000, and the minimum loan is $3,001. The JDA will evaluate and score applications from responsive and eligible applicants using the scoring factors outlined in our strategic goals. The JDA will make loans to the Applicants in each funding round whose Applications are determined be the most advantageous to the citizens of ACC and the City of Winterville, taking into consideration these scoring factors, creditworthiness, and subject to availability of funding. The scoring factors shall be the basis upon which loan decisions are made. Without limitation, the JDA reserves the right to decline any or all Applications whose approval it does not deem to be in the best interest of the citizens of ACC and Winterville, notwithstanding the Applicant’s score.
Q: Are personal guarantees required?
Yes, personal guarantees are required on all loans to any business not operating as a sole proprietor. If your business is owned by more than one person, we require credit checks and personal guarantees for all individuals owning more than 20% ownership. If you are a sole proprietor operating a business for which you are applying for a loan, you are already the guarantor.
Q: How much would my loan payments be?
The loans carry a 2% interest rate and must be paid back within 30 months. The first payment is due 30 days from the funding of the loan. The loan payment amount depends on the amount borrowed.
$3,001 Loan = About $102/monthly payment
Add $34 per month for each $1,000 borrowed over $3,001 up to $25,000.
Q: How can the loan funds be used?
Loan funds can be used to provide gap financing, working capital, landscape/property improvements, purchase machinery and equipment, promote growth, and job creation.
Q: Do I have to be a resident of Athens-Clarke County to apply?
A: No, but your business must have a physical location in Athens-Clarke County, must be current on its ACC or City of Winterville occupational tax, and must have paid ACC or City of Winterville occupational tax for the past 3 years or more.
Q: What counts as having a physical location in Athens-Clarke County?
Loan applicants will be required to provide 2 of the following documents to evidence that their business is physically located within Athens-Clarke County:
Current business occupation tax database or certificate
Current year GA Secretary of State business registration, showing address located in ACC
Current utility bill showing the address for the physical location of the business
Q: If I own more than one business located in Athens-Clarke County, and am current on occupational tax for each business, may I apply for a loan for each business?
Yes. Each business must meet all of the required eligibility criteria, and you must submit a separate application for consideration on behalf of each separate business.
Q: When is the deadline to apply?
The loans are evaluated on a quarterly basis. Each round will close on the last day of the quarter. Our fiscal year runs July 1 - June 30. Our fiscal quarters end on March 31, June 30, September 30, and December 31.
Q: After I submit my application, when will I be notified whether I will receive a loan? When will I receive the funds?
A: Notification times will depend on the volume of applications received, so exact processing times are not currently available. However, applications are being processed as quickly as possible and notifications will be sent out as loan decisions and awards are determined. All notifications will be made by email.
Q: Who could help me with my application?
We understand loans can be intimidating for small businesses. We have some community partners who are ready to assist you in applying. Please view our Business Support Partner list.
Q: Can I change my application after it’s been submitted?
It is recommended that before completing and submitting the online form, respondents review answers carefully, as your work may not be saved if you leave the web page before submitting the application. You may also lose your work if your internet is disconnected, or as a result of other potential web browser issues. The JDA cannot accept changes to the application once it has been submitted, so please review it carefully.
Q: If I applied in a previous round, do I have to apply again or will my application roll-over?
We can roll applications over to future rounds if we feel they have a chance to be funded. We will advise you of that information when we issue a decision.
Q: When will the application portal close for submission?
Applications are being accepted in “rounds”. Each round will close on the last day of the quarter. Our fiscal year runs July 1 - June 30. Our fiscal quarters end on March 31, June 30, September 30, and December 31.
Q: How will I be contacted or know if I will receive a grant or loan?
The JDA will primarily utilize email to communicate with all applicants. Be sure to check email regularly, including spam folders.
Finalists will be notified by email and must respond within 7 business days. The return of any awardee notification message or document as undeliverable may result in disqualification of the applicable awardee, the forfeiture of his or her interest in the loan and the selection of a substitute from among all remaining eligible finalists.