Montgomery County and City Join Forces to Boost Small Businesses with $2.5 Million Loan Program

Montgomery County and the City of Montgomery are joining forces to utilize funds from the American Rescue Plan to support small businesses in the region. Mayor Steven Reed highlighted the importance of small businesses in today’s economy and announced that a portion of the funding will be used to establish a Small Business One Stop Shop and an Access to Capital loan program.

The Small Business One Stop Shop will offer training programs to help individuals start, manage, and expand 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 the Montgomery Area Chamber of Commerce, expressed excitement about the 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 would bolster the resilience of small businesses 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 like Olympic Trials at Montgomery Whitewater generating a $1.5 million economic impact. For more updates and information, contact Alex Gladden, public safety reporter for Montgomery Advertiser at agladden@gannett.com or on Twitter @gladlyalex