Atlanta is launching a new microloan program designed to help renters avoid eviction, offering $500 loans with no fees, no interest, and no penalties.
Mayor Andre Dickens announced the program will launch as a two-year pilot, led by a national nonprofit called Flagstone Initiative. Borrowers will be required to repay $20 a week for 25 weeks.
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In addition to $50,000 in pilot funding from the city, Dickens said other local and national donors are contributing to expand the pilot’s reach, including $50,000 for loan costs from AirBnb, and $150,000 from the Community Foundation of Greater Atlanta and $150,000 from the William Josef Foundation in loan capital.
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