Where did the funds go?
Select Fulton, in partnership with the Development Authority of Fulton County (DAFC) and the Fulton County Board of Commissioners, expanded support for the Fulton County business community in the midst of the COVID-19 response. Starting Thursday, April 16th, small business owners in Fulton County, including those located inside the City of Atlanta, were able to access the newly created Business Contingency Loan Program.
The Business Contingency Loan Program offered up to $50,000 in emergency working capital for qualifying Fulton County small businesses who have experienced a loss of revenue or service disruption due to COVID-19 pandemic. Within 72 hours of opening, the applications 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 provided to Fulton County small businesses during COVID-19 crises through Select Fulton partners.
To qualify, organizations must have been in business for at least 2 years. Additionally, businesses were asked to provide required documentation to ACE.