|Title||Atlanta Micro Fund|
|Categories||Economic Development, Education, Other, Workforce Development|
The Atlanta Micro Fund is a tax exempt nonprofit organization with 501(c)(3) status. The organization provides loan funding and business management assistance to entrepreneurs establishing small businesses in metro Atlanta. These micro loans range from $500 to an upper limit of $15,000 (per loan).
The Atlanta Micro Fund (AMF) acts as a Small Business Administration Micro Loan intermediary. As a loan intermediary, the AMF receives loans from SBA (and other sources) – not grants – to fund the AMF loan pool. The AMF repays its SBA loan obligations through the timely repayment of loans from AMF borrowers.
The mission of the AMF is to increase small business opportunities by providing loan capital, technical assistance, and referrals to existing and start up businesses in metro Atlanta that are typically excluded from mainstream sources of loan funding.
The AMF was established in April 1999 by a local coalition of nonprofit housing developers called the Atlanta Housing Association of Neighborhood-based Developers (AHAND.) Initially, the AMF served six communities in Atlanta. Today, the AMF serves the entire metro Atlanta area, and became a SBA Micro Loan Intermediary in 2005 – the only such intermediary in the city of Atlanta and one of only five in Georgia.
AMF currently has an annual average operating budget of $192,000, a staff of 2, and 9 board members. AMF is expanding its Board of Directors to support the growth and development of the organization, with the parameters of its new strategic plan (which includes significant annual budget growth in order to make more loans).
AMF is seeking board members who have a passion for the work being done by the organization, and are willing to commit their time, expertise, and resources to help the organization fulfill its mission. Specific expectations of board members are: attend 4 of the 6 board meetings annually; serve, actively, on at least one committee of the organization, by attending scheduled committee meetings and carrying out activities within the committee structure; make a personal financial contribution annually, and assist in securing funding for the organization; and provide overall governance and oversight to the organization’s operation.
Specific needs of the board currently include expertise in accounting & financial management including banking; marketing & communications, including social media; management consulting; business expertise; and community connections. Representation from academic entrepreneurship programs, civic organizations, & large and small businesses is important to the organization, as is diversity (in all its forms: race, ethnicity, gender, age, & geography within the metro Atlanta area.)
Terri Theisen, Theisen Consulting LLC