A $1.5 million loan fund for small businesses in Fulton County affected by the coronavirus pandemic will open at 3 p.m. on April 16.
The loans come from money from the Development Authority of Fulton County and Select Fulton, the county economic development agency, through a nonprofit called Access to Capital for Entrepreneurs. ACE previously provided $1.5 million in similar pandemic support loans, partly funded by the Fulton County Commission. That program ran out of money within 72 hours due to high demand, according to a press release.
The new DAFC Business Contingency Loan Program will provide loans of up to $50,000 as “emergency working capital” for qualifying Fulton County small businesses that have experienced a loss of revenue or service disruption due to the pandemic. To qualify, a business must have been in operation more than two years.
The loans have a 4% interest rate and no fees. Their terms are up to 36 months, with three months of deferred payments and three months of interest-only payments. Collateral can include a personal guarantee or a “blanket lien on all business assets,” according to ACE.
For more information about applying, see the ACE website here.
The announcement of the program came the same day the U.S. Small Business Administration said its similar but multibillion-dollar loan program had run out of money.