Make investments Atlanta, the town’s financial improvement authority, is providing zero-interest loans to help small companies to outlive by the coronavirus pandemic.
The Enterprise Continuity Mortgage Fund is beginning with $1.5 million offered as a part of an emergency funding package deal ordered by Mayor Keisha Lance Bottoms.
“The fund will supply small companies zero-interest loans to deal with a scarcity of working capital and money flows on account of diminished client demand, the power to satisfy services or products orders and different financial circumstances,” in response to Make investments Atlanta’s web site.
The fund will supply loans starting from $5,000 to $30,000 per applicant. The phrases are as much as 5 years with 0% curiosity and a six- to 12-month deferment obtainable earlier than first funds are due. There is no such thing as a payment to use.
To be eligible, a company should be: throughout the metropolis of Atlanta; a for-profit or a nonprofit or not-for-profit that “contributes to commerce”; have 50 or fewer full-time staff; have been in operations for a minimum of one yr; and be present on metropolis taxes, metropolis licensing and lease or mortgage funds.
Declared ineligible are: grownup companies; passive actual property funding corporations; companies concerned in playing besides people who make a minor p.c of income from lottery tickets; and companies owned or operated by metropolis or Make investments Atlanta officers.
The Enterprise Continuinity Mortgage Fund is a revolving mortgage fund, which means that repayments shall be used to help additional loans throughout formally declared emergencies.
For extra info, see the Make investments Atlanta web site right here.