Areas Served: Targeted areas in Atlanta
The purpose of the Opportunity Loan Fund (“Let Atlanta Soar”) is to stimulate job creation in the City of Atlanta.
The Fund will provide ” gap ” financing to assist small and medium-sized businesses who create at least five new jobs in the City of Atlanta.
The Atlanta Development Authority (ADA) will provide loans of $100,000-$200,000 at an interest rate of one-half (1/2) of the current prime interest rate plus 2% (1/2 Prime + 2%) with a minimum rate of 4%.
The Opportunity Loan Fund is funded by the City of Atlanta.
Loan Terms Eligibility For profit businesses located in any commercial and industrial area of the City of Atlanta are eligible for this loan program provided that they meet the loan criteria established herein.
Start-up businesses must have a minimum of 20% equity.
Special consideration will be given to employers in the six development priority areas in the New Century Economic Development Plan for the City of Atlanta.
The six priority areas are – Campbellton Road – Donald Lee Hollowell Parkway – Jonesboro Road – Memorial Drive Corridor – Simpson Road – Stadium Neighborhoods – Mechanicsville – Peoplestown – Pittsburgh – Summerhill Loan Size Minimum of $100,000; Maximum of $200,000 Quality Employment At least five (5) new jobs shall be created in the funded project within the first year of funding.
Employers would be required to meet or exceed market-based wage thresolds for the specific industry and provide healthcare coverage.
Term of Loan Maturity dates up to three (3) years for inventory and working capital; Five (5) years for fixed assets; Seven (7) years on leasehold improvements ( loan terms shall not exceed the lease agreement or financial institution terms); and 15 years for property acquistion.
Loan Participation All the loans shall be matched by at least a 1:1 ratio with equity and / or a loan from a private sector financial institution.
Contact InformationAtlanta Development Authority
Address: 86 Pryor Street
City: Atlanta
State: Georgia
Website:
http://www.atlantada.com
Leave a Reply