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Invest Atlanta Creates Emergency Loan Fund for Small Businesses

Invest Atlanta has introduced a $1.5 million program to support small businesses affected by economic shock due to the COVID-19 pandemic. The Business Continuity Loan Fund program offers emergency funding to ensure the viability of city of Atlanta small businesses and help sustain employment through the crisis.

The fund was capitalized through a portion of Mayor Keisha Lance Bottoms’ $7 million emergency fund package to support those adversely affected by COVID-19. All $1.5 million will be applied to the Business Continuity Loan Fund to support small businesses and reduce job losses.

Available loans range from $5,000 - $30,000 per application. The loan amount is based on the economic injury to the business and corresponding financial needs. Loans are paid back monthly over a term not to exceed five years at an interest rate of zero percent with a six to 12-month deferment period before the first payment is due.

“Within three days of Mayor Bottoms issuing an executive order for emergency funding, we launched the Business Continuity Loan Fund to provide a financial resource for Atlanta small businesses as they deal with the economic shock of coronavirus,” said Dr. Eloisa Klementich, President and CEO of Invest Atlanta. “We have learned from other crises that quick action is needed to support businesses. This program will help small businesses address working capital and cash flows as they weather the storm.”

Businesses operating in the city limits of Atlanta are eligible for the program. Qualified applicants must:

  • Be an existing for-profit corporation, partnership, sole proprietorship or non-profit with for-profit activities in the city of Atlanta that contributes to trade;
  • Be current on all financial obligations related to the lease or mortgage agreement for the business;
  • Have 50 or fewer full-time employees, i.e., employees working at least 30 hours per week or 130 hours per month;
  • Have been in operation for 1 year;
  • Have a current City of Atlanta business license;
  • Be current on all city of Atlanta taxes and fees.

More information on the Business Continuity Loan Fund and application information are available at www.investatlanta.com/bclf. Applicants will be required to provide a description of their business, financial documents, intended use of the Business Continuity Loan Fund money, and other information.

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