On January 29, 2020, a new opportunity for small businesses in Atlanta officially launched. The goal of the Community Loan Fund program, established under Invest Atlanta in collaboration with Councilmember Antonio Brown on behalf of the City of Atlanta, is to support small business development and equip additional small business owners with the tools needed to succeed.
Councilmember Brown, of District 3, explained details of the loan program: “This loan allows credit disadvantaged small businesses to borrow up to $50,000 for the three percent interest rate, a three-month deferment on the payment of the loan, and they can utilize up to $30,000 to pay down their personal debt that they leveraged to sustain their business.”
The legislation was initially introduced by Mayor Keisha Lance Bottoms back in July 2019. Dr. Eloisa Klementich, President CEO of Invest Atlanta, offered praise for the loan program: “The Community Loan Fund will allow small business owners to begin building for their future. Having another new tool in our toolkit will allow the City of Atlanta to support even more of our entrepreneurs as they work to achieve their dreams.”
“Small businesses are the heart of our economy,” said Brown. “They hire every day working people, so we have to as a city continue to lift them up and provide them access to capital to be able to move their businesses forward.”