Mayor Keisha Lance Bottoms introduced legislation that requests Atlanta’s economic development arm—Invest Atlanta—establish a new Community Loan Fund designed to encourage micro and small business development within the City of Atlanta. According to a press release, the fund is designed to target business development that has been unserved by Invest Atlanta’s small business loan tools.
The resolution was introduced by Atlanta City Councilmember Antonio Brown in collaboration with the Bottoms Administration.
“If we are to attain an equitable, One Atlanta, we must build a more inclusive entrepreneurship culture in our City,” said Mayor Bottoms. “One of the biggest hurdles facing new small businesses is simply obtaining low-cost capital investment. Women and minority-owned business are disproportionately affected by this reality, despite their returns consistently matching the market. This program is designed to provide opportunity and hope to underserved communities that empowers them to pursue their dreams and contribute to our economy.”
The Community Loan Fund will develop policies and guidelines to prioritize direct lending to credit-disadvantaged entrepreneurs using non-traditional underwriting standards.
“The community loan fund will help boost the economic and social fabric of our city,” said Councilmember Antonio Brown, who represents District 3. “When we work together, we see the kind of transformational change that revitalizes our neighborhoods and empowers our constituents. This initiative will help provide equitable access to resources and create more opportunity, which truly benefits our communities.”
Information: atlantaga.gov
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