Spotlight On: Eloisa Klementich, President & CEO, Invest Atlanta
June 2024 — In an interview with Focus:, Eloisa Klementich, president and CEO of Invest Atlanta, discussed the organization’s achievements over the past year, including the growth of small businesses, affordable housing initiatives, and their role in maintaining Georgia’s status as a prime business location. She highlighted Invest Atlanta’s commitment to small business development and wealth creation.
What have been some key milestones and achievements for Invest Atlanta over the past year?
This past year has seen us bounce back to pre-pandemic employment levels, which is a significant achievement that will continue to propel Atlanta’s economy forward. We’re thrilled about the city’s growth, particularly in terms of new companies and the robust development of small businesses in local communities. A major focus has been building on their success and supporting growth. This commitment to small businesses has been unwavering. In 2023, Invest Atlanta provided 259 loans and grants for a total of $9 million invested in them.
We’ve made substantial strides in capital investment, particularly in affordable housing, with a goal of adding 20,000 units by 2030. On the homeownership front, our efforts have been equally impactful. In 2023, we supported more than 800 homeowners, including $2 million in downpayment assistance. This comprehensive approach, supporting both business growth and housing, showcases our dedication to holistic development in the city.
Georgia has been named the best state to do business for eight consecutive years. How has Invest Atlanta contributed to this success?
To be able to support the state as the best state for business, we must make it easy for people to do business, live and work here. In terms of business, we focus on simplifying the process of doing business here, from licensing to connecting businesses with the right resources, including people, physical infrastructure, and family-friendly environments. Our aim is to enhance the “stickiness” of our business ecosystem, ensuring businesses can quickly integrate and access various benefits.
We’ve significantly increased our loan offerings, introducing different types to meet businesses at their respective stages. Recognizing that startups might lack the equity or collateral for traditional loans, we’ve tailored our financial support to be more inclusive. Additionally, we emphasize technical assistance, providing access to no-cost consulting services to businesses that may not be tech-savvy or need help with legal, accounting, or marketing aspects.
The quality of life for CEOs, entrepreneurs, and employees is another key factor. Atlanta boasts the busiest airport with direct flights nationwide, a diverse city of neighborhoods, and a strong educational infrastructure, contributing to a quality workforce. Our schools, including AUC Center Schools, Georgia State, SCAD, Georgia Tech, Emory, and others, produce highly educated professionals from various backgrounds, enriching our talent pool with innovative and creative minds.
Beyond just setting up businesses, we focus on their longevity and adaptability. For instance, our partnership with Wells Fargo to establish grants and loans for legacy businesses underlines our commitment to business sustainability. It’s not just about financial support; technical know-how and guidance are equally vital. Drawing from personal experiences, like my father’s auto shop, we understand the importance of complementing the business with skills in sales, marketing, accounting, and other areas needed for a successful business.
Our efforts ensure that businesses don’t just start here but thrive and reinvent themselves. With over 35 corporate innovation centers within a five-mile radius, Atlanta is a hub for businesses to innovate and develop next generation products. We’re dedicated to supporting this environment, ensuring Georgia remains the best place to do business through every stage of a company’s life cycle.
How is Invest Atlanta supporting small business owners, especially in terms of asset building and wealth creation?
We are committed to empowering small-business owners, particularly in the realms of asset building and wealth creation. A cornerstone of our approach is a grant program tailored for small businesses, with a special focus on commercial down payment assistance. This initiative is designed with equity and economic mobility in mind, emphasizing the importance of owning property where business activities are conducted.
We realized the transformative power of owning the property your business operates on and created this unique commercial down payment assistance program with legacy businesses in mind. These are enterprises that have significantly contributed to our community, and we aim to sustain them for generations to come.
The commercial down payment assistance program offers a distinctive loan at a 3% interest rate, designed with manageable repayments. If the business remains in its current location for a decade, the loan converts into a grant. This model not only aids in wealth creation but also ensures the preservation of local history and supports shared workspaces for entrepreneurs.
Such initiatives underscore our dedication to nurturing small businesses and fostering an environment where they can thrive and contribute to the broader economic fabric of Atlanta. Our goal is to create a sustainable model of growth and prosperity, anchored in the principle of ownership and long-term stability.
How would you assess the economic landscape and its impact on the region?
Atlanta has a robust pipeline of projects, though they are smaller in scale compared to what we saw before the pandemic. The impact of COVID-19 is still felt, as many businesses are not operating on a five-day week schedule, opting for more flexibility. This reflects a broader shift in workplace dynamics, especially among younger individuals who prioritize telework options. However, this might not be a permanent change, and we may see a return to more traditional schedules in the future.
The global reach of Hartsfield-Jackson Atlanta International Airport is crucial in the economic landscape, contributing significantly to our regional economy. Another key component is our quality workforce with institutions like Atlanta Technical College, SCAD, and Georgia State University, providing a steady stream of talent, especially in creative fields.
Businesses are increasingly recognizing the need to adapt. One of our biggest projects involves converting a million-square-foot office building into residential space, a clear indicator of these changing dynamics. Similarly, other buildings are undergoing transformations, like this redevelopment at 2 Peachtree Street, where we’re focusing on affordable housing. This initiative is part of our vision to strengthen Atlanta’s downtown district as a premier destination. The project presents a significant opportunity for developers to bring new affordable housing, commercial space, and amenities, aligning with the city’s community, financial, social, and sustainability goals.
What are the priorities for Invest Atlanta in the near term?
Looking ahead, Atlanta is poised for tremendous opportunities. Buckhead, an exciting and integral part of our city, boasts excellent infrastructure and is a hub for corporate headquarters. Midtown, with its many ongoing developments, especially in tech, is seeing an influx of multifamily housing, enhancing its vibrancy. Finally, there is a surge of activity Downtown with significant development happening in real time, including new entertainment venues, commercial space, and general development near the stadium. This revitalization effort aims to transform Downtown into an entertainment-rich part of the city. Public-private partnerships like the ones we have in place to develop Centennial Yards are key to building additional momentum in the area.
Another key focus is the Atlanta BeltLine, which continues to be a major driver of investment in the city. Often regarded as the city’s “beachfront,” the BeltLine is not only changing how we connect across the city but also hosting exciting events and fostering community engagement. In addition, we’re actively developing programs for small businesses in preparation for the World Cup, which will once again put Atlanta on the global stage. The infrastructure and investments made for this event are expected to bring lasting benefits to the city’s businesses.
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