(Atlantic) The Atlantic Chamber of Commerce has a fund available for people wanting to start a business and need some help with collateral.
Atlantic Executive Chamber Director Bailey Smith said two years ago, the chamber formed the “Business Investors Fund.” Smith says the idea came from board member Kent Hansen. Smith says this is a fund that works as a loan vetted through a bank.
Smith says the bank calls the chamber, fills them in on the applicant, and the Atlantic Chamber will provide the applicant with 20 guarantees that people have signed and used as collateral for this loan.
Smith says the loan is a guarantee of one thousand dollars.
An individual can come down to the chamber and sign the guarantee; if the bank uses that person guaranteed note, the person is not out of their money unless the borrower defaults on the loan. Smith says nobody must write a check unless the business closes.
