SAVANNAH, Ga. - GeorgiaChron -- The Savannah Regional Small Business Capital Fund (CAP Fund), a community development loan fund established in 1994 by local banks, has begun a significant transition in its ownership. After three decades of promoting economic growth by providing essential capital to small businesses in Savannah, the Fund's governing board has initiated the process of transferring ownership to the Small Business Assistance Corporation (SBAC).

The CAP Fund, originally created to meet the Community Reinvestment Act (CRA) obligations of its shareholder banks, has been instrumental in supporting the growth of small businesses in the region. With the fund capital fully deployed, the Board of Directors decided, after 18 months of deliberation, to request the donation of shares to SBAC.

Bank of America is the first shareholder to complete the transfer of its shares to SBAC. "We are grateful to Bank of America for their commitment to preserving the legacy and mission of the CAP Fund," said Victoria Saxton, President of SBAC. "Their decision to transfer ownership to SBAC is a testament to their dedication to community development."

SBAC has a long history of supporting small businesses in Savannah and the surrounding region, making it a suitable successor to carry on the work of the CAP Fund. The organization remains committed to fostering economic growth and providing financial opportunities to underserved businesses. This move ensures that the Fund's mission will continue under the stewardship of a nonprofit dedicated to local economic development, ensuring that Savannah's entrepreneurial landscape continues to flourish.

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To learn more, call SBAC at 912-232-4700, or visit sbacsav.com.

About Savannah Regional Small Business Capital Fund
The Savannah Regional Small Business Capital Fund is a for-profit community development corporation loan fund established in 1994 to promote economic development through access to capital for small businesses in Savannah, Georgia. Owned by Truist Bank, Wells Fargo Bank, and Bank of America, the Fund has successfully supported the growth of targeted businesses in the region for 30 years.

About SBAC: The Small Business Assistance Corporation (SBAC) is a nonprofit lending organization that provides equitable access to capital and business opportunities, focusing on community strength and an inclusive economy. Since its founding in 1989, SBAC has supported small businesses in Southeast Georgia and the Low Country of South Carolina with tailored financial solutions and technical assistance.