THE LATIN AMERICAN CHAMBER OF COMMERCE OF GEORGIA (LACC GEORGIA) ANNOUNCES THE METRO ATLANTA SMALL BUSINESS FLEX FUND TO PROVIDE SMALL BUSINESS LOANS IN METRO ATLANTA
ATLANTA, GA.- The Latin American Chamber of Commerce of Georgia (LACC Georgia) announced today the launch of the Metro Atlanta Small Business Flex Fund to provide business loans to minority-owned small businesses currently underserved by traditional lenders. This loan fund will serve black and brown entrepreneurs and is a collaboration between the LACC Georgia and Morehouse Innovation and Entrepreneurship Center (MIEC) with funding provided by Local Initiatives Support Corporation (LISC).
The flex fund provides flexible terms, but most importantly flexible requirements for minority businesses to qualify, the initial fund of $250,000 will provide capital for small businesses that have participated and graduated from the LACC Georgia’s and MIEC’s respective entrepreneurship programs, providing loans of $10,000 or $25,000 to African American and Latino entrepreneurs and business owners.
“Small businesses are the engine and driving force of our economy, and access to capital continues to be a barrier to their success, particularly for minority-owned small businesses, with this flex fund, the LACC will be able to provide financing with very favorable terms to minority businesses that are not being served by banks or other lenders,” said LACC President and CEO Alejandro Coss.
The LACC Georgia will manage the fund and will also underwrite and service all the loans, while MIEC will refer its clients to the LACC Georgia to apply for a loan. As part of this collaborative effort, all businesses approved for a loan from the Metro Atlanta Small Business Flex Fund will continue to receive technical assistance, mentorship, and support from the LACC Georgia and MIEC.
We were happy to present the checks for the first two loans approved under the Metro Atlanta Small Business Flex Fund program to EME Flooring and Angel Boutique at the LACC Georgia’s annual gala La Posada on December 9 at the Fox Theatre.