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.