The Atlanta Wealth Building Initiative has released a second round of loans available for small businesses, according to a press release.
A Brookings and Gallup analysis shows that Black people represent 12.7% of the U.S. population but only 4.3% of the nation’s 22.2 million business owners.
In 2020, the general community is learning about the hurdles Black people face to start and grow their businesses --- as it’s harder to get loans, more challenging to get investors, and harder to access lines of credit.
Nearly half of Black-owned small businesses closed as the pandemic ravaged minority communities disproportionately. Reports have shown that that only 20% of the Paycheck Protection Program loans went to areas with the highest concentration of Black-owned businesses. With no additional federal relief package proposed, Black business owners are seeking other avenues of support.
Answering the call to assist Black businesses, The Atlanta Wealth Building Initiative’s COVID-19 Small Business Relief Fund is NOW offering a second round of zero-interest $10,000 loans to small businesses in Southwest, Southeast, and Northwest Atlanta impacted by the pandemic.
Applications open on Monday, Nov. 23 and the deadline to apply is Wednesday, Dec. 2.
Preference will be given to Black-owned businesses located in Southwest, Southeast, and Northwest Atlanta and/or along the Atlanta BeltLine overlay (.5 miles).
Businesses must meet the following criteria:
· Have been established before March 16, 2019.
· Be in good standing with the IRS and Georgia Secretary of State.
· Must have annual revenues below $1.5 million as evidenced by a financial statement or other financial documentation.
Information: https://www.atlantawealthbuilding.org/
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