Invest Atlanta, as part of the Atlanta Open for Business Fund supported by Wells Fargo, has launched the Atlanta Commercial Down Payment Assistance Loan program to support local small businesses located in the city of Atlanta. This program offers low-interest financing to assist existing business owners in the city of Atlanta acquire commercial property.
Type of Loan Product
The Program will provide a direct loan to applicants for up to 20% of commercial costs, not to exceed $200,000. All loans will have a six-month deferment before the first payment is due.
Uses of Loan Fund
Loans shall be made for the purchase/acquisition and related renovations of a building zoned commercial within the city of Atlanta.
Minimum of $25,000; Maximum of $200,000.
Between 1% and 3%.
Up to 10 years with a six (6) month deferment prior to the first payment; loan amortized over a 25-year period or equivalent of amortization schedule for standard commercial loans. There is no pre-payment penalty for paying off loans early. Any loan recipient that maintains ownership over 10 years shall have the option of having the remaining loan balance amortized based upon a 15-year period at a 3% interest rate.
After 10 years of consistent payments and meeting claw back provisions, the business can apply to convert the loan to a grant.
For-profit corporations, partnerships, or sole proprietorships:
Food service businesses:
Applications will be accepted on a continuous basis. Awarding of loans is subject to funding availability. Invest Atlanta staff will review all completed applications.