Empowerment Zone Loan Fund

If you are a business located inside the city of Atlanta limits, you may be eligible to receive up to $50,000 for expansion or renovation through this exciting program.  In 2008, the Atlanta Renewal Community awarded Invest Atlanta $1.1 million for the Community Revolving Loan Fund, under the Title XX Integrated Strategic Plan. The purpose of the Empowerment Zone (EZ) Loan Fund is to stimulate economic development and job creation in the EZ area.

What are eligible projects?

  • Expansion of new and existing businesses
  • Renovation projects for commercial property owners
  • Commercial tenant allowance cost for new development projects
  • Façade and code correction improvements
  • Commercial related TAD (Tax Allocation District) projects
  • New Market Tax Credit small business projects
  • Administrative expenses

Loan Terms

Loan Size: $25,000 to $50,000

Term of Loan: Maturity dates up to 5 years for inventory and working capital; 7 years for fixed assets; 10 years on leasehold improvements (loan terms shall not exceed the lease agreement terms) and 15 years for property acquisition.  A moratorium on principal and interest up to 6 months shall also be considered based on an applicant’s project cash flow analysis for commercial owner renovation projects that are 100% vacant.

Types of Collateral: Subordinated mortgage or lien on assets purchased with loan; personal guarantees will be required by all persons who own 20% or more interest in the business; corporate guarantees; other personal property.

Interest Rate: Interest rates shall be determined based upon an analysis of the applicant’s cash flow.  Rates range from 2% to prime + 2%.

Empowerment Zone Loan Fund Fact Sheet