$5.7M loan program now open for small businesses in Atlanta

Thanks to a multimillion-dollar donation from banking institution Wells Fargo, the city of Atlanta is able to launch its low-interest loan program. The program is the first of four initiatives from the “Atlanta Open for Business Fund” which is aimed at helping businesses recover and grow. Under the program, recipients can use the funds for property purchases, inventory, and renovations. A total of $5.7 million in low-interest loans will be available to local small businesses under a new program from the city of Atlanta. 

The initiative, announced last week by Mayor Andre Dickens’ office, is administered through United Way of Greater Atlanta and Invest Atlanta, the city’s economic development arm. The Atlanta Recovery Loan Program will provide loans ranging from $25,000 to $100,000, to be repaid at a maximum interest rate of 3% for up to seven years.  Loan applications are now open for nonprofits and businesses with fewer than 500 employees. 

Dickens said in a statement,“Without adequate financing to survive disruptions like the pandemic, most small businesses struggle to maintain their companies, let alone attain assets to grow them. This program will serve as yet another invaluable asset to help Atlantans build a resilient foundation for their companies.”

The funding comes from a $20 million donation Wells Fargo made to the city in January. “This loan program will help more businesses recover quickly and open a pathway to growth for all,” Eloisa Klementich, president and CEO of Invest Atlanta, said in a statement.