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A new $3.5 million loan program will help Atlanta small businesses purchase commercial real estate

The City of Atlanta has launched a new $3.5 million loan program that offers low-interest financing to help local business owners purchase commercial real estate.

Known as Commercial loan assistance program in Atlanta (CDPA), is the latest initiative that United Way of Greater Atlanta and Invest Atlanta became a part Atlanta Open for Business Fund.

Through the CDPA, Atlanta small businesses are eligible to apply for a direct loan of up to 20% of the value of commercial real estate up to $200,000 to purchase commercial property.

“Healthy, thriving local businesses are the cornerstone of our communities,” Mayor Andre Dickens said in a news release.

“Inflation and economic stress from the pandemic have made many small businesses increasingly vulnerable to displacement,” Dickens said. “The Atlanta Open for Business Fund is designed to help Atlanta businesses keep their doors open, expand and build resilience that withstands unforeseen economic challenges.”

The Atlanta Open for Business Fund, with a special focus on helping racial and ethnic business owners affected by the pandemic, is made possible by A $20 million donation from Wells Fargo. The fund is designed to help Atlanta small business owners own more of their business assets — including property and equipment — and finance physical upgrades to their facilities.

Those applying for a CDPA loan must be small business entities with a City of Atlanta license interested in purchasing commercial real estate in the city.

The program emphasizes the purchase of properties in low-income census tracts, Federal Opportunity Zones, disadvantaged areas or New Markets Tax Credit approved areas. Businesses must also demonstrate the growth potential of their industry, the release said.

Loans are for the purchase/acquisition and related renovation of a commercial building within the City of Atlanta. After 10 years of consistent payments and compliance with the loan repayment provisions, the business can apply to convert the loan into a grant.

Dr. Eloiza Klementic, president and CEO of Invest Atlanta, said the timing of this program and other business loan programs is critical because an estimated 25% of businesses do not reopen after a major disaster such as a global pandemic.

“What we’re doing with Wells Fargo’s support is offering small businesses resources that give them the means to weather economic uncertainty to build long-term wealth,” she said in a release.

United Way of Greater Atlanta President and CEO Milton J. Little said the CDPA program’s goal of helping racial and ethnic small business owners is “essential to the equitable growth of our communities and the economic success of greater Atlanta.”

To learn more and apply for the Atlanta Commercial Loan Program, small business owners should visit www.investatlanta.com/cdpa. Small businesses interested in the program can request help applying through Invest Atlanta by visiting www.atlinbusiness.com.

In June, United Way of Greater Atlanta and Invest Atlanta successfully launched the first Atlanta Open for Business Program — Atlanta Recovery Loan Program (ARLP) which provides 3% interest loans to small businesses interested in purchasing tangible business assets. The Commercial Property Improvement Grant (CPIG) was launched in August and provides grants to small businesses of up to $50,000 for external and internal improvements to their business.

United Way and Invest Atlanta distribute the Atlanta Open for Business Fund as a combination of grant and loan programs with a focus on black-owned and other businesses owned by diverse individuals. Learn more about this program here.

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A new $3.5 million loan program will help Atlanta small businesses purchase commercial real estate

The City of Atlanta has launched a new $3.5 million loan program that offers low-interest financing to help local business owners purchase commercial real estate.

Known as Commercial loan assistance program in Atlanta (CDPA), is the latest initiative that United Way of Greater Atlanta and Invest Atlanta became a part Atlanta Open for Business Fund.

Through the CDPA, Atlanta small businesses are eligible to apply for a direct loan of up to 20% of the value of commercial real estate up to $200,000 to purchase commercial property.

“Healthy, thriving local businesses are the cornerstone of our communities,” Mayor Andre Dickens said in a news release.

“Inflation and economic stress from the pandemic have made many small businesses increasingly vulnerable to displacement,” Dickens said. “The Atlanta Open for Business Fund is designed to help Atlanta businesses keep their doors open, expand and build resilience that withstands unforeseen economic challenges.”

The Atlanta Open for Business Fund, with a special focus on helping racial and ethnic business owners affected by the pandemic, is made possible by A $20 million donation from Wells Fargo. The fund is designed to help Atlanta small business owners own more of their business assets — including property and equipment — and finance physical upgrades to their facilities.

Those applying for a CDPA loan must be small business entities with a City of Atlanta license interested in purchasing commercial real estate in the city.

The program emphasizes the purchase of properties in low-income census tracts, Federal Opportunity Zones, disadvantaged areas or New Markets Tax Credit approved areas. Businesses must also demonstrate the growth potential of their industry, the release said.

Loans are for the purchase/acquisition and related renovation of a commercial building within the City of Atlanta. After 10 years of consistent payments and compliance with the loan repayment provisions, the business can apply to convert the loan into a grant.

Dr. Eloiza Klementic, president and CEO of Invest Atlanta, said the timing of this program and other business loan programs is critical because an estimated 25% of businesses do not reopen after a major disaster such as a global pandemic.

“What we’re doing with Wells Fargo’s support is offering small businesses resources that give them the means to weather economic uncertainty to build long-term wealth,” she said in a release.

United Way of Greater Atlanta President and CEO Milton J. Little said the CDPA program’s goal of helping racial and ethnic small business owners is “essential to the equitable growth of our communities and the economic success of greater Atlanta.”

To learn more and apply for the Atlanta Commercial Loan Program, small business owners should visit www.investatlanta.com/cdpa. Small businesses interested in the program can request help applying through Invest Atlanta by visiting www.atlinbusiness.com.

In June, United Way of Greater Atlanta and Invest Atlanta successfully launched the first Atlanta Open for Business Program — Atlanta Recovery Loan Program (ARLP) which provides 3% interest loans to small businesses interested in purchasing tangible business assets. The Commercial Property Improvement Grant (CPIG) was launched in August and provides grants to small businesses of up to $50,000 for external and internal improvements to their business.

United Way and Invest Atlanta distribute the Atlanta Open for Business Fund as a combination of grant and loan programs with a focus on black-owned and other businesses owned by diverse individuals. Learn more about this program here.

Reported by Source link

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