Atlanta is the economic hub of the Southeast, serving as the headquarters for major corporations, film studios and the most traveled airport on the planet, but that’s only a small part of the economy. The census shows that nearly 15,000 businesses call the city of Atlanta home, including a significant number of Black-owned businesses. So, when COVID-19 forced nearly one in three Georgia small businesses to close (the majority of them BIPOC-owned), it became apparent that Atlanta needed help to accelerate recovery.

Enter: Wells Fargo.

The financial institution provided a generous donation of $20 million to help Atlanta businesses impacted by the pandemic recover. “As a company, we have a commitment to make the communities where we operate stronger,” says Charlie Scharf, Wells Fargo’s CEO. “Making a large donation in Atlanta was important to us. We know it will make a difference for small business owners here.”

With dollars in hand, Invest Atlanta partnered with United Way to create the Atlanta Open for Business Fund. The program is helping businesses, primarily owners of color, recover and come back stronger by providing them the means to invest in commercial space, equipment, and technology.

“Atlanta Open for Business gives small business owners the opportunity to grow and expand by owning more of their own assets—which can be a game changer for the financial health of any business,” explains Atlanta Mayor Andre Dickens.

Invest Atlanta got to work right away, launching three programs:

• Atlanta Recovery Loan Fund - Up to $100,000 in low-interest loans to help a business obtain tangible assets like real estate.
• Commercial Property Improvement Grant - Up to $50,000 to allow a business owner to complete internal or external improvements to their commercial property.
• Commercial Down Payment Assistance Program - Low-interest financing to assist existing business owners acquire commercial property.

Invest Atlanta also helps businesses with their applications, helping businesses pull together the information needed to complete their grant applications.

These programs have already started providing funds to small businesses in the city. Through the Atlanta Recovery Loan Fund, Invest Atlanta has distributed more than half a million dollars to seven business owners. The average loan amount for each recipient last year was more than $70,000, a real and tangible impact for everyone who qualified.

Invest Atlanta is actively working to process applications for the Commercial Property Improvement Grant and Commercial Down Payment Assistance Grant and expects to disperse funds soon.

Throughout the year, you will meet the inspiring people who are benefiting from the help of the Atlanta Open for Business Fund. We invite you to stay tuned to our social media accounts to learn more about some of the businesses in your backyard who are Open for Business and serving their communities.

If you’re interested in expanding your business and are seeking the funding to make that a reality, visit Open for Business to apply. Funds are limited, so submit your application as soon as you can. Technical assistance is available if necessary.