One Georgia Bank and the US Department of Transportation (US DOT) have entered into partnership whereby One Georgia Bank will be a participating lender with DOT’s Office of Small and Disadvantaged Business Utilization (OSDBU). The Short Term Lending Program (STLP) is designed to help qualified small and disadvantaged businesses compete for government contracting opportunities.
Under STLP One Georgia Bank will provide a line of credit that will be secured primarily by receivables from transportation contracts. The US DOT will fully guarantee the line.
Companies eligible for STLP are certified disadvantaged business entities or businesses certified by the US Small Business Administration Section 8(A) Program, Hubzone, Disabled Veteran or Service Disabled Veteran Owned Business. The maximum loan amount is $750,000.
STLP eligible activities include maintenance, rehabilitation, improvements, or revitalization of any of the nation’s transportation modes which include public, commercial, Federal, State, or local agency. One Georgia Bank is currently processing its first application under the program.
Brandon Neal, director at OSDBU, said: “This program will go a long way to providing the type of targeted assistance that small businesses competing in the transportation industry need right now, It will really help level the playing field for smaller companies eager to compete.”
Willard “Chuck” Lewis, president & CEO of One Georgia Bank, said: “One Georgia Bank is already a leader in providing solutions to small business owners with our SBA and USDA guaranteed lending programs,STLP gives us another tool to bring to market that will help businesses go to the next level.”