Bill Signed That Will Re-energize Downtowns in Georgia

Some good news for towns and cities across Georgia.

Governor Nathan Deal has signed into law a bill that empowers Georgia cities with even greater means to revitalize and re-energize their downtowns.

HB 128, which created the new Georgia Downtown Renaissance Fund and gives the Georgia Department of Community Affairs new tools to help cities with low interest loans as well as planning and other assistance.

In sigining the bill late last week, Deal said healthy downtowns reflect the strong spirit of entrepreneurship in Georgia and attract economic development. Small businesses comprise 99-percent of Georgia’s businesses and, as such, are the backbone of the state’s economy.

As industrial announcements have elevated Georgia to the No. 1 state in the U.S. in which to do business, small businesses and entrepreneurs are expanding and seeking to set up shop in “bricks and mortar” stores in thriving downtown districts.

The Georgia Downtown Renaissance Act creates a vehicle for the Department of Community Affairs and the state of Georgia to continue working hand-in-hand to help entrepreneurs realize their dreams through low-interest loans in the form of gap financing. 

The Renaissance Fund will partner with DCA’s Downtown Development Revolving Loan Fund to make awards to municipalities across the state.

Among the Loan Fund’s other partners are the Georgia Municipal Association, Georgia Cities Foundation and private lenders.