Mayor Andre Dickens announces $1M loan program to help startups
ATLANTA - Mayor Andre Dickens has unveiled a new initiative, the Atlanta Startup Growth Loan Program (ASGL), aimed at providing financial support to local technology startups. The $1 million program, part of the Atlanta Open for Business Fund supported by Wells Fargo, offers direct loans of up to $150,000 to eligible startups.
The ASGL program, the fourth initiative under the Atlanta Open for Business Fund, is a joint effort by United Way of Greater Atlanta and Invest Atlanta. This program is designed to empower technology startups in Atlanta to scale and enhance their capabilities, helping them acquire new assets or update existing ones.
To qualify for these loans, startups must be incorporated within the last five years and hold a City of Atlanta business license. They must also have a scalable high-impact solution within the technology sector, with potential for growth in areas such as AI, SaaS, Ecommerce, Manufacturing Sustainability, FinTech, and more. These startups can operate from various spaces within the city, including homes, commercial spaces, incubators, accelerators, or co-working spaces.
The Atlanta metro area boasts more than 30 corporate innovation centers, making it one of the Southeast's most concentrated hubs for startups and innovators.
Loans from this program can be used for technology, inventory, the purchase or renovation of commercial space within Atlanta, machinery and equipment, furniture and fixtures, and signage.
The Atlanta Startup Growth Loan Program joins three other initiatives within the Atlanta Open for Business Fund— the Atlanta Recovery Loan Program, Commercial Property Improvement Grant (CPIG), and Commercial Downpayment Assistance Program (CDPA)—which have already been launched successfully. These programs are designed to support Atlanta's small businesses by providing financial resources to help them acquire tangible business assets, improve their properties, and secure commercial property.
Small business owners interested in applying for the Atlanta Startup Growth Loan Program can visit www.investatlanta.com/startupgrowth. For additional assistance with their applications, small businesses can access support through the Atlanta Open for Business Technical Assistance program at www.atlinbusiness.com.
United Way and Invest Atlanta have committed to distributing the Atlanta Open for Business Fund as a mix of grants and loan programs, with a specific focus on Black-owned and other diverse-owned businesses. More details about the program can be found on the official website.