The Georgia Cities Foundation (GCF) welcomes State Small Business Credit Initiative (SSBCI) applications from owner-occupied small businesses located in downtown areas within cities in Georgia. The mission of the Foundation is to assist cities in their efforts to revitalize and enhance downtown areas by serving as a partner and facilitator in funding capital projects. The goal of GCF is to promote economically sustainable projects and build partnerships in order to help ensure the long-term health and economic vitality of the community.
Eligible Applicant & Uses
The eligible mechanisms for making funds available from the Foundation are:
•Project must be a primarily owner-occupied, commercial property
•Applicant may be a commercial tenant using funding for leasehold improvements
•Application must be approved for SSBCI funding PRIOR to beginning construction and/or purchasing building/property
•Additional US Department of Treasury requirements to be discussed during application phase
•Once approved, funds may be used for activities such as: real estate acquisition, building rehabilitation, new construction (infill), and other soft and hard costs directly tied to the project.
Ineligible Uses
•Funds may not be used for projects that have begun construction.
•Funds may not be used for residential.
•Funds may not be used for passive real estate investment unless the majority of the project is owner-occupied.
Loan amounts will not exceed $1,250,000 per project.
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