Invest Atlanta, the city’s economic development authority, is offering zero-interest loans to aid small businesses to survive through the coronavirus pandemic.
The Business Continuity Loan Fund is starting with $1.5 million provided as part of an emergency funding package ordered by Mayor Keisha Lance Bottoms.
“The fund will offer small businesses zero-interest loans to address a lack of working capital and cash flows as a result of reduced consumer demand, the ability to fulfill product or service orders and other economic conditions,” according to Invest Atlanta’s website.
The fund will offer loans ranging from $5,000 to $30,000 per applicant. The terms are up to five years with 0% interest and a six- to 12-month deferment available before first payments are due. There is no fee to apply.
To be eligible, an organization must be: within the city of Atlanta; a for-profit or a nonprofit or not-for-profit that “contributes to trade”; have 50 or fewer full-time employees; have been in operations for at least one year; and be current on city taxes, city licensing and rent or mortgage payments.
Declared ineligible are: adult businesses; passive real estate investment companies; businesses involved in gambling except those that make a minor percent of revenue from lottery tickets; and businesses owned or operated by city or Invest Atlanta officials.
The Business Continuinity Loan Fund is a revolving loan fund, meaning that repayments will be used to support further loans during officially declared emergencies.
For more information, see the Invest Atlanta website here.