Athens Reporter

The Joint Development Authority of the Unified Government of Athens-Clarke County and the City of Winterville has announced a new initiative aimed at supporting small businesses in the region. The program offers low-interest loans to help businesses grow and create sustainable jobs. According to a statement from the authority, the loans come with an APR of 2% and a term of 30 months, with loan amounts ranging from $3,001 to $25,000. The minimum credit score required for applicants is 650.

"Loan will be used for commercial purposes," the authority stated, emphasizing the importance of the funds being used for business growth. Applicants are required to provide proof of payment of current and previous three years of occupation tax, along with proof of a business physical address within the legal boundary of Athens-Clarke County. Additionally, businesses must be registered in good standing with the Georgia Secretary of State, and applicants must be the owner(s) of the business receiving the loan.

The application process consists of several steps, starting with pre-applying to determine eligibility based on the outlined criteria. Those who pre-qualify will then have their applications evaluated by the JDA to determine if they are qualified to apply. Successful applicants will be invited to apply through the servicer bank, with requirements including business tax returns, credit checks, and a non-refundable $250 application fee for qualification review and underwriting.

"All creditworthy applications will be ranked by the JDA Board according to strategic priorities," the authority explained. Funds will be allocated to the highest-ranked proposals, pending availability. More information on the program and details on how to apply can be found on the official website.

For further inquiries, interested parties are encouraged to contact myung.cogan@accgov.com.