Business Improvement Loan Fund
The City of Atlanta and ADA sponsor the Business Improvement Loan Fund (BILF) Program. The BILF is designed to encourage the revitalization of targeted business districts in the City of Atlanta and to support commercial and industrial development in other eligible areas. Presently, designated Business Improvement Districts include: Auburn Avenue, Bankhead Highway (D.L. Hollowell Parkway), Campbellton Road, Cascade Road, East Atlanta, Empowerment Zone, Georgia Avenue, Heart of Atlanta (including Underground Atlanta), Memorial Drive, MLK/Ashby, Pryor Road, Stewart/Lakewood, Sylvan/Dill, Techwood Park, West End/West View.Details
Loans can be made for additions and/or improvements to commercial, industrial and mixed-use property; purchase of equipment and fixtures, that are part of the real estate; energy conservation designed to encourage the efficient use of energy resources for commercial, industrial or mixed-use facilities; acquisition of commercial, industrial and mixed-use properties; and inventory and office equipment in targeted Business Improvement Districts.
Two forms of financial assistance are available through the Business Improvement Loan Fund:
Direct Loans: The City may provide a direct loan for an eligible project in targeted Business Improvement Districts if the applicant is unable to obtain a market-rate loan for the financing needed. The maximum loan amount is $50,000. The interest rate will be determined by the project’s cash flow, and the loan must be repaid on a monthly basis (over a term not to exceed seven years). Loan funds (not exceeding $10,000 per applicant) may be used to acquire inventory and office equipment for eligible applicants located in targeted areas of the city where property renovation is not needed.
Loan Participants: The City may participate in larger loans (usually $50,000 or more) throughout Community Development Impact Areas (CDIA). Loans may be made to small businesses to assist in meeting local injection requirements for SBA loans. No more than 10% of the total financing for a project can be provided from the Business Improvement Loan Fund. The interest rate will be determined by the project’s cash flow, and the repayment may not exceed that of the longest participating lender (maximum 25 years).
The Business Improvement Loan Fund Program is made possible by the City of Atlanta through Community Development Block Grant (CDBG) funds provided by the U.S. Department of Housing and Urban Development (HUD).