Atlanta Emerging Markets, Inc.
Real Estate - Atlanta, GA, US
Atlanta Emerging Markets, Inc. Employees
Atlanta Emerging Markets, Inc. Details
Atlanta Emerging Markets, Inc. ("AEMI") is a community development entity, wholly-owned by the Atlanta Development Authority (d/b/a Invest Atlanta), that seeks to spur job creation, economic development and neighborhood revitalization in the City of Atlanta. AEMI provides innovative, flexible financing products to high-impact, credit-challenged businesses and real estate development projects.AEMI manages the City's New Markets Tax Credits (NMTC) program and has received $198MM of allocation from the U.S. Department of the Treasury since 2007. The New Markets program aims to finance projects that create quality jobs accessible to low-income residents, provide services that benefit low-income communities, expand affordable housing, allow flexible lease rates for locally-owned businesses, and improve access to healthy foods.AEMI has allocated over $136 million to 10 redevelopment projects, including Aerotropolis Atlanta, the Center for Civil and Human Rights, The Flatiron Building, and Grady Memorial Hospital's new emergency room department. The ten projects have created more than 3,500 construction jobs and 4,000 permanent jobs for Atlanta's under-served communities.Businesses or developers with sites in census designated low-income neighborhoods can apply for NMTC loans of $5 million+ to finance the construction of new facilities, equipment, or operating expenses to expand a business. The financing is typically structured as a 7-year, interest-only loan with the option to convert about 20% of the loan into equity at the end of the loan term.AEMI has also created new programs designed to aid small businesses in Atlanta, including the Advantage Loan Fund and the Atlanta Catalyst Fund, a $500,000 small business revolving loan fund that provides $50,000-$100,000 loans to qualifying businesses. ____________________________________________________________________
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