Invest Atlanta suspends applications for the small business continuity loan fund

Update from Invest Atlanta:

The City of Atlanta is dedicated to ensuring the success of its communities and businesses, especially in the midst of the unprecedented upheaval caused by COVID-19. On March 24, 2020, Mayor Keisha Lance Bottoms and the Atlanta City Council approved a $7 Million COVID-19 response package. Part of that package was a $1.5 Million allocation to support a small business continuity loan fund. Within 4 days of this vote, an application was available on Invest Atlanta’s website to provide support for our local small businesses in economic distress. The goal was to quickly provide funds for small businesses while State government, Federal government, and philanthropy mobilized additional resources.

In just over two weeks the small business continuity loan fund has over 500 inquiries and/or applicants at some point in the process. To date 13 loans have been approved and over 80 are under review. Invest Atlanta is suspending the acceptance of applications. Only complete applications will be reviewed and considered at this time.

We are in the process of working with philanthropy and other partners to increase the funds available, with the intention of increasing the number of small businesses that can be served through this program. All applications in process, but not completed, will be placed on hold until additional funds are identified. Program updates will be sent out to applicants via email. Those who have not yet begun an application, but are interested in receiving updates, should fill out this brief survey and indicate their interest in the business continuity loan fund.

Questions can continue to be sent to bclf@investatlanta.com.

Additionally, as you know, the Small Business Administration has now opened up its applications, and we encourage all of our small businesses to learn more and apply at www.sba.gov/funding-programs/loans/coronavirus-relief-options.

In addition, Invest Atlanta has posted information on other financial and technical assistance resources at https://www.investatlanta.com/business-continuity-loan-fund.

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