Georgia Power Foundation, Inc grants $500,000 to Georgia Small Business Capital Fund, Inc., for COVID-19 Small Business Relief.
Georgia Power Foundation, Inc announced a grant in the amount of $500,000 to Georgia Small Business Capital Fund, Inc., for COVID-19 Small Business Relief.
The three Fund partner CDFIs, ACE, ACT! and SBAC, will distribute these grant funds to reach and deepen our impact across Georgia by assisting diverse, low to moderate income, and women-owned small businesses who need us most. Together we help to create more sustainable businesses for our clients and our organizations.
This Fund will use the grant capital to help undergird each member CDFI in the form of:
- Grant capital for small business loans, loan payment deferment and loan loss reserves, and creative capital financing, including forgivable features for long-term recovery.
- Grant capital for operations and support.
- Grant capital for infrastructure to develop capacity to serve the urban and rural markets to create accessibility for diverse businesses.
The magnitude of this pandemic’s impact on small business is extraordinary. Women-owned businesses, along with minority and low-income-owned, are particularly at risk. The pandemic has intensified these inequities. The ripple effect of job losses poses an unparalleled economic danger to families and communities.
The primary impact for small businesses has been an operating capital shortfall, as a result of necessary shutdowns and social distancing to combat the coronavirus. The inability to safely reopen, ongoing case spikes, school reopening delays and a lack of cash flow are all factors impacting business continuity and creating an extended recovery period.
Access to affordable lending capital – with flexible terms, and principal and interest deferments until operations can safely return to normal – is a primary need, coupled with critical business development services. This grant from Georgia Power Foundation, Inc., will be crucial in assisting small businesses in Georgia survive and thrive in the next year.