The city of Atlanta is launching a $3.5 million loan program to support small businesses that want to acquire property.
Atlanta small businesses are now eligible to apply for a direct loan of up to 20% of commercial property costs up to $200,000 to acquire property, according to a city press release. The loans are for purchasing, acquisition and renovations of a building zoned commercial within the city.
After 10 years of consistent payments and meeting claw back provisions, a business can apply to convert the loan to a grant, the city said.
Small business owners can visit the Invest Atlanta website to apply for the Atlanta Commercial Down Payment Assistance Loan Program. Small businesses interested in the program can seek assistance with their application by visiting ATLinbusiness.com.
Credit: Steve Schaefer
Credit: Steve Schaefer
The funding comes from a $20 million donation Wells Fargo made to the city in January to help small businesses. With that money, the city previously launched the Atlanta Recovery Loan Program in June, followed by the Commercial Property Improvement Grant program in August.
In a statement on Wednesday, Invest Atlanta President and CEO Eloisa Klementich said the funding is important because an estimated 25% of businesses do not open again after major disasters like the coronavirus pandemic.
Mayor Andre Dickens said in a statement that inflation and economic strains from the pandemic made many small businesses increasingly vulnerable to displacement.
“Healthy, thriving local businesses are a cornerstone of our communities,” Dickens said. “The Atlanta Open for Business Fund is designed to help Atlanta businesses keep their doors open and expand and develop a resiliency that withstands unforeseen economic challenges.”
