Invest Atlanta introduced a $1.5 million program in late March to support small businesses affected by economic shock due to the COVID-19 pandemic. The Business Continuity Loan Fund program provided emergency funding to ensure the viability of city of Atlanta small businesses and help sustain employment through the crisis.
In a recent statement, Eloisa Klementich. president and CEO of Invest Atlanta announced that the organization has stopped accepting applications for the program.
“In just over two weeks, the small business continuity loan fund has over 500 inquiries and/or applicants at some point in the process. To date, 13 loans have been approved and over 80 are under review. Hence, I am reaching out to inform you that we are suspending the acceptance of applications. Only complete applications will be reviewed and considered at this time. I would ask that you let your networks know about the status of the loan fund,” she said.
Invest Atlanta is in the process of working with philanthropic and other partners to increase the funds available, with the intention of increasing the number of small businesses that can be served through this program. Also, all applications in process, but not completed, will be placed on hold until additional funds are identified. Program updates will be sent out to applicants via email.
The fund was capitalized through a portion of Mayor Keisha Lance Bottoms’ $7 million emergency fund package to support those adversely affected by COVID-19.
Available loans range from $5,000 - $30,000 per application. The loan amount is based on the economic injury to the business and corresponding financial needs. Loans are paid back monthly over a term not to exceed five years at an interest rate of zero percent with a six to 12-month deferment period before the first payment is due.
Information: bclf@investatlanta.com.
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