Montgomery County and the City of Montgomery have come together to utilize funds from the American Rescue Plan to support local small businesses. Mayor Steven Reed highlighted the importance of small businesses in today’s economy and announced that a portion of the funding would be used to establish the Small Business One Stop Shop and Access to Capital loan program.
The Small Business One Stop Shop will offer training programs designed to help individuals start, manage, and grow their small businesses. Gaitway Solutions will oversee this initiative. On the other hand, HOPE Credit Union will manage the Access to Capital loan program, which is a $2.5 million low-interest revolving fund that will provide small businesses with the opportunity to apply for loans of up to $250,000.
Anna Buckalew, president and CEO of Montgomery Area Chamber of Commerce, expressed excitement about this new system that would provide increased support for small businesses in the area. The collaboration between the city and county aims to create a robust system that will strengthen small business resilience like never before. This initiative is expected to have a positive impact on the local economy and contribute significantly to the growth and success of small businesses in Montgomery.
Further economic benefits have been observed in Montgomery with events such as the Olympic Trials at Montgomery Whitewater generating an impressive $1.5 million economic impact. For more updates and information, contact Alex Gladden, Montgomery Advertiser’s public safety reporter at agladden@gannett.com or on Twitter @gladlyalex.