The Atlanta City Council has authorized an intergovernmental agreement with Invest Atlanta, the city’s development agency, to create a loan program for small and micro-businesses.

The agreement, which the council approved Monday, is for three years and will be funded with $500,000.

The ordinance that authorized the agreement says that small and micro businesses are the primary source of U.S. job growth, but often face financial challenges like access to capital.

Atlanta City Councilman Antonio Brown sponsored the ordinance.

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Former Fulton County election worker Ruby Freeman talks to her daughter, Wandrea ArShaye "Shaye" Moss, a former Georgia election worker, after she testified before the U.S. House Select Committee at its fourth hearing on its Jan. 6 investigation on Capitol Hill in Washington, D.C., on Tuesday, June 21, 2022. (Yuri Gripas/Abaca Press/TNS)

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Former Fulton County election worker Ruby Freeman talks to her daughter, Wandrea ArShaye "Shaye" Moss, a former Georgia election worker, after she testified before the U.S. House Select Committee at its fourth hearing on its Jan. 6 investigation on Capitol Hill in Washington, D.C., on Tuesday, June 21, 2022. (Yuri Gripas/Abaca Press/TNS)

Credit: TNS