A caller $3.5 cardinal indebtedness programme has been created by the metropolis of Atlanta and its politician to beforehand tiny determination companies done generating equity. Atlanta tiny businesses tin use for a nonstop indebtedness of up to 20% of commercialized spot costs, with a headdress of $200,000, done the Atlanta Commercial Down Payment Assistance Loan Program (CDPA). Loans are fixed for the acquisition oregon acquisition of a commercially zoned gathering wrong the metropolis of Atlanta, arsenic good arsenic for immoderate indispensable improvements. The indebtedness tin beryllium converted to a assistance if the concern makes accordant payments for 10 years and complies with clawback requirements. The money is made imaginable by a $20 cardinal acquisition from Wells Fargo to assistance Atlanta tiny concern owners successful owning much of their company’s assets, including existent property and equipment, and to concern carnal improvements to their facilities.
“The timing of programs similar the Atlanta Commercial Down Payment Assistance Loan Program and different companion resources we’ve launched are important due to the fact that an estimated 25 percent of businesses bash not unfastened again aft a large catastrophe similar a planetary pandemic,” said Dr. Eloisa Klementich, President and CEO of Invest Atlanta. “What we are doing with the enactment of Wells Fargo is offering tiny businesses resources that springiness them the means to withstand economical uncertainly to physique semipermanent wealth.”
“Supporting racially and ethnically divers tiny concern owners is indispensable to the equitable maturation of our communities and to the economical occurrence of Greater Atlanta,” said Milton J. Little, Jr., President and CEO of United Way of Greater Atlanta. “It’s done partnerships similar ours with Wells Fargo, the City of Atlanta and Invest Atlanta that we are capable to springiness tiny businesses successful our metropolis the tools and resources they request to turn and thrive.”
“United Way and Invest Atlanta person been moving astatine an accelerated gait to make interaction for diverse-owned tiny businesses,” said Jenny Flores, caput of tiny concern maturation philanthropy astatine Wells Fargo. “These backing opportunities are enabling entrepreneurs to turn their concern assets, which successful crook tin physique their semipermanent wealthiness and fortify the Atlanta community.”
Loan recipients indispensable beryllium established tiny businesses with a concern licence from the City of Atlanta that are funny successful purchasing commercialized existent property successful Atlanta, with a absorption connected low-income census tracts, Federal Opportunity Zone areas, underprivileged neighborhoods, oregon New Markets Tax Credit-approved country neighborhoods. Businesses indispensable besides amusement that their assemblage has country for expansion.
“Healthy, thriving section businesses are a cornerstone of our communities,” said Mayor Andre Dickens. “Inflation and economical strains resulting from the pandemic person made galore tiny businesses progressively susceptible to displacement. The Atlanta Open for Business Fund is designed to assistance Atlanta businesses support their doors unfastened and grow and make a resiliency that withstands unforeseen economical challenges.”
Small concern owners tin use and larn much astir the Atlanta Commercial Down Payment Assistance Loan Program astatine www.investatlanta.com/cdpa. By going to www.atlinbusiness.com, tiny businesses funny successful the programme tin interaction Invest Atlanta for assistance with their application.
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