Decatur Small Businesses Eligible For New Loan Program Says City

DECATUR, GA — Small businesses in Decatur will have the opportunity to apply for a business loan, according to the City of Decatur. Any small business in Decatur employing between two and 30 full-time or full-time equivalent employees is eligible, so long as they were open and operational as of March 1, 2020.

The no-interest loans are for a period of four years. Repayment will begin 12 months after the state of emergency order is lifted.

The City of Decatur, the Decatur Development Authorities (DDA), and Legacy Decatur have announced the creation of a small business loan program in response to the financial challenges presented by the COVID-19 pandemic.

A total of $500,000 is being made available as part of this initiative, with $400,000 coming from the City of Decatur and $100,000 pledged by the DDA. The public will be able to contribute to the program by making a tax-deductible donation through Legacy Decatur at http://www.legacydecatur.org.

“Small businesses are truly the backbone of Decatur, and many of them have been hard hit by this unprecedented pandemic,” said Decatur Mayor Patti Garrett in a news release. “Finding a way to help them through this challenge is important to us, and we are proud to provide them with this critical resource as we demonstrate our support.”

The loan’s repayment plan can be for a period of up to three years following that date, and they can be repaid without a prepayment penalty.

Eligible businesses will be considered for a loan of up to $25,000, depending on various factors in the application process, including the number of full-time employees.