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The Atlanta Project (TAP), the Atlanta Chamber of Commerce, and six area financial institutions have formed the Atlanta Business Community Development Corp. (ABCDC), and its flagship program, the Entrepreneurial Development Loan Fund, an $11.5 million small business loan program.

Although TAP's 20 clusters have been targeted for the program by ABCDC and the new loan fund, loans are also available to qualified businesses throughout metropolitan Atlanta.

"This is a good example of what can be done when service providers, banks, financial experts, and community groups draw together in a focused effort," former President Jimmy Carter said when the program was announced in May. "We hope this new loan fund will boost small businesses and create new jobs in our city."

"Because the effort is directed at economic development, there is a special but not exclusive focus on working with companies whose principals or place of business are in TAP clusters, where development leads to improving the overall economic base of those neighborhoods," ABCDC Chairman Thomas Hills said.

The Greater Atlanta Small Business Project (GRASP Enterprises) will manage the loan fund on a day-to-day basis, serving as the initial point of contact and administrator for all loans and applications.

Atlanta Chamber of Commerce Chairman Edward Gould noted that the $11.5 million loan program supplements another $140 million that Atlanta corporate and philanthropic sources have contributed in the past year to revitalize city neighborhoods.

"The Atlanta Project is a prime example of that commitment to neighborhood improvement," Mr. Gould said.

ABCDC's six financial institutions include Bank South, First Union National Bank, NationsBank of Georgia, SouthTrust Bank, Trust Company Bank, and Wachovia Bank of Georgia.