With support from Wells Fargo, Invest Atlanta and United Way of Greater Atlanta (UWGA) launched a new loan program to help Atlanta small businesses.
The Atlanta Recovery Loan Program is a $5.7 million program, offering low-cost loans to help small businesses grow ownership of tangible assets to help them build wealth and avoid displacement due to changing economic conditions. It is the first of four initiatives Invest Atlanta and UWGA will roll out as a part of the Atlanta Open for Business Fund.
“Without adequate financing to survive disruptions like the pandemic, most small businesses struggle to maintain their companies, let alone attain assets to grow them,” said Mayor Andre Dickens. “This program will serve as yet another invaluable asset to help Atlantans build a resilient foundation for their companies.”
“This resource is a strategy to help small businesses purchase commercial property and assets for growth so they can develop generational wealth and increase economic mobility that enhances their communities,” said Dr. Eloisa Klementich, president and CEO of Invest Atlanta. “This loan program will help more businesses recover quickly and open a pathway to growth for all.”
Eligible businesses include existing businesses with less than 500 employees, partnerships or sole proprietorships and nonprofits with a focus on diverse-led or supporting diverse communities. Businesses in all commercial areas in the city of Atlanta, including those operating on City of Atlanta-owned property, are eligible.
The maximum direct loan amount is $25,000 - $100,000 at an interest rate not to exceed 3% repaid monthly over a term not to exceed seven years, providing businesses access to lower-cost, fixed-rate capital in a market where interest rates are rising.
The Atlanta Open for Business Fund is made possible through a $20 million donation from Wells Fargo, offering a mix of grants and loan programs with a focus on diverse-owned businesses.
To learn more about the Atlanta Recovery Loan Program and to apply, visit www.investatlanta.com/atlantarecovery.