At its August board meeting, Invest Atlanta approved $760,000 of funding for the Atlanta Cares Revolving Loan Fund (ACRLF). This follows the Rise Atlanta Revolving Loan Fund (RARLF) that was just approved at July’s board meeting. As another low-interest loan option for Atlanta small businesses, the purpose of the ACRLF is to provide financial support for small and local businesses that were impacted by COVID-19.
Small businesses are a mainstay in Atlanta and represent an integral part of the city’s economy. While there are currently 20,000 small businesses operating in Atlanta, following a major disaster, an estimated 25 percent of these businesses do not reopen according to the Institute for Business and Home Safety. To quickly address this need, the ACRLF is projected to launch in September 2020.
Qualifying businesses will receive a direct loan between the amount of $10,000 to $100,000 with a six to 12-month deferment before first payment is due. The loan is not to exceed seven years and will have an interest rate of one to three percent.
The ACRLF and RARLF will be joining 11 other current loan fund offerings for small businesses at Invest Atlanta. For more information and for eligibility requirements on these loan options, visit https://www.investatlanta.com/businesses/small-businesses/small-business-loan-programs.