Select Fulton and the Development Authority of Fulton County are expanding support for the Fulton County business community in the midst of the COVID-19 response with a new loan program.
Small business owners in Fulton County, including those located inside the City of Atlanta, will be able to access the newly created $1.5 million Development Authority of Fulton County Business Contingency Loan Program. The Development Authority of Fulton County, which seeks to stimulate diverse, high-quality economic development, has partnered with ACE to support them through the COVID-19 pandemic.
The DAFC Business Contingency Loan Program offers up to $50,000 in emergency working capital for qualifying Fulton County small businesses who have experienced loss of revenue or service disruption due to COVID-19 pandemic.
“The Board of Directors of DAFC recognized the critical and ongoing need for small business funding assistance.” Alvin “AL” P. Nash, Executive Director of Select Fulton and CEO of the Development Authority of Fulton County, said. “The quick action taken by the Fulton County Board of Commissioners previously to fund a similar small business loan program helped to spur us into action.”
Last week, the Fulton County Board of Commissioners’ launched a similar $1.5 million small business loan program through ACE. Within 72 hours, the application had to be temporarily closed due to the overwhelming demand for capital from businesses in the county. In total, $3M in small business loans will be provide to Fulton County small businesses during COVID-19 crises through Select Fulton partners.
“Our new partnership with the Development Authority of Fulton County expands our ability to serve small business in Fulton County,” President and CEO of Access to Capital for Entrepreneurs Grace Fricks said. “Small business is the lifeblood of communities, family well-being and our economy’s.”
To qualify, organizations must be in business at least two years. All applications will be accepted online. Businesses will be asked to provide required documentation to ACE by fax, mail, or email. A final decision will be made as quickly as possible. For more information, log on to aceloans.org.