THE PROGRAM

OVERVIEW

The COVID-19 pandemic continues to have a negative impact on small businesses throughout the City of Atlanta. Businesses are still grappling with a loss of sales, fewer customers, and laying off employees. This has devastating affects as many small businesses provide employment to local residents and offer products/services in communities often ignored by national retailers. Black-owned businesses, in particular, have felt the devastating effects of COVID-19 more severely and likely for a longer period of time. More than half of businesses owned by people of color have zero to 10 days of working capital and many of the types of community-based black-owned businesses - professional services, barber shops, beauty salons, and restaurants - have proven to be more vulnerable to the pandemic. Moreover, with black-owned businesses significantly lagging behind white-owned businesses in regards to business value, access to capital, and operational expertise, even before the COVID-19 pandemic, the economic losses businesses of color have exponential financial impacts on families and communities throughout the city. The goal of the COVID-19 Small Business Relief Fund is to help get resources to the businesses and organizations who need them the most.

THE RESPONSE—Small Business Relief Grant Program

To continue combating risks and offer financial stability to small businesses in Southwest, Southeast, and Northwest Atlanta, a COVID-19 Small Business Relief Fund Grant will be offered to qualifying businesses.

Up to $15,000 to cover employee salaries, rent, supplier expenses, and technical assistance for up to 3 months.

HOW IT WORKS

Application Process

The application will be available online and distributed widely through Atlanta Wealth Building Initiative partner organizations and agencies.

Program Criteria

• Business must be established prior to March 16, 2019.

• Business must be in good standing.

• Annual Revenues of the business or nonprofit not to exceed $1.5 million as evidenced by Financial Statement or other financial documentation.

• Eligible uses include: working capital to support payroll expenses, rent, mortgage payments, utility expenses, technical assistance or other similar expenses that occur in the ordinary course of operations.

Fund Distribution

The Atlanta Wealth Building Initiative COVID-19 Small Business Relief Fund Committee will approve grant applications on an ongoing basis until funding is exhausted. Grants will be distributed and administered through existing micro and small business lenders. We will contact grant recipients quickly to denote required next steps and payment protocols. Grantees must complete and provide all required documentation and agreements prior to receiving funding.

2020 GRANT APPLICATIONS ARE NOW CLOSED.

Small businesses interested in future funding opportunities should sign up to receive email updates from Atlanta Wealth Building Initiative and review our resource list.