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If you are a business located inside the city of Atlanta limits, you may be eligible to receive up to $200,000 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
What is the geography where these funds can be used?
The Target Area for this Loan Fund is the commercial area of the Empowerment Zone (“Target Area”) within the city limits of Atlanta.
>> Download a map of the Empowerment Zone.
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Loan Terms
Loan Size: $50,000 to $200,000
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 0% to prime + 2%.
Tenant Allowance Program
Up to $400,000 for new project developers
Façade Front/Code correction Program
Up to $100,000 per approved applicant at 0% interest rate and a possible 6 month moratorium for 100% vacant property
This fund made possible by AcORA, also know as The Atlanta Renewal Community which was designated by the City of Atlanta as the non-profit corporation charged with facilitating the use of special federal business tax incentives and guiding the investment of more than $53 million in Title XX funds remaining from the City’s former 1994 Empowerment Zone designation.
For more information, call Cathy Brackett at 404.614.8295.
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