Receive up to $150,000 in low-interest loans to help your startup acquire new assets or update existing assets.
As part of the Atlanta Open for Business Fund supported by Wells Fargo, Invest Atlanta launched the $1 million Atlanta Startup Growth Loan Program (ASGLP) to support tech startups located in the city of Atlanta. The ASGLP offers loans from $50,000 - $150,000 to help startups gain momentum and grow through the purchase and acquisition of assets. It provides funding to startups that have a clear demonstrated need for funding, in addition to a dedication to solving a critical problem through technology that impacts society.
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What is a startup?
A technology startup is a company that brings technology products or services to market. These companies deliver new technology products or services or deliver existing technology products or services in new ways. It is looking for a repeatable and scalable business model to generate revenue.
These startups fix a problem in a market, fill a need in a market, and/or create an entirely new market. They generally achieve growth, are transformative, and are up to around five years old.
For consideration for this loan program, a company must:
- Have an MVP (minimal viable product) in place.
- Have raised money from friends and family, have done an accelerator or incubator program, or have bootstrapped up until this point. Financials must demonstrate proof of this.
- Have a clear plan of their GTM (go to market strategy) and how they will utilize the funds for a specific milestone.
Connect with our qualified providers for free assistance with completing your application.
For-profit corporations, partnerships, or sole proprietorships are eligible.
Applicants must meet all the following criteria:
- Be a startup, incorporated within the last 5 years, and have an active City of Atlanta Business License.
- Have a scalable high-impact solution within technology.
- Demonstrate growth potential in their sector (AI, SaaS, B2C, B2B, Sustainability- Manufacturing, Deep Tech, FinTech, etc.).
- Be current with all personal and business debt when applying for financing.
- Operate from home, commercial space, incubator, accelerator, or co-working space in the city of Atlanta.
- Have an interest in acquiring commercial real estate in the city of Atlanta, emphasis in low-income census tracts, State or Federal Opportunity Zone areas, disadvantaged neighborhoods, or a New Markets Tax Credit approved area.
- Special emphasis on underrepresented founders.
- Applications are reviewed on a case-by-case basis and applicants; even those who may have credit challenges are encouraged to review their current situation with Invest Atlanta’s Small Business Finance team.
The Program will provide a direct loan to applicants. All loans will have a six-month deferment before the first payment is due.
Uses of Loan Fund
- Loan funds can be used for acquiring new assets or updating existing assets. Specifically, funds can be used for technology, inventory, the purchase or renovation of commercial space within the city of Atlanta, machinery and equipment, furniture and fixture, and signage.
- Up to 20% of loan funds can be used for other working capital expenses. Working capital uses should be considered for funding only in support of the tangible asset purchase or update.
Examples of how you might use the loan:
- Expand existing operations.
- Renovate or purchase commercial real estate space.
- Purchase inventory or equipment (e.g., point of sales/POS system).
- Product development, engineering, and infrastructure (updates to software).
Minimum of $50,000; Maximum of $150,000.
Between 0% and 3%.
Up to 5 years with a six (6) month deferment prior to the first payment. Loan terms cannot exceed the lease terms.
Type of Collateral
No collateral required; however, it is encouraged to strengthen application. No personal guarantee required.
Invest Atlanta reserves the right to request payment in full in the event the following criteria are not met. The loan recipient:
- Must participate in the Atlanta Open for Business Technical Assistance Program.
- Must provide 3 years of reporting results.
- Agrees to work with Invest Atlanta to identify and define the borrower’s Community Impact Contribution.