The collaboration between the City of Montgomery and Montgomery County is aimed at supporting small businesses in the area using funds from the American Rescue Plan. Mayor Steven Reed emphasized the importance of small businesses in today’s economy, announcing that a portion of the funding will be used to establish the Small Business One Stop Shop and Access to Capital loan program.
The Small Business One Stop Shop will provide training programs for individuals looking to start or expand their small businesses, with Gaitway Solutions managing this initiative. Meanwhile, HOPE Credit Union will oversee the Access to Capital loan program, which is a $2.5 million low-interest revolving fund that will allow small businesses 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 aims to provide increased support for small businesses in the area. The collaboration between the city and county aims to create a robust system that will 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 such as the Olympic Trials generating a $1.5 million economic impact. For more updates and information, contact Alex Gladden, public safety reporter at agladden@gannett.com or on Twitter @gladlyalex.
:quality(75)/cloudfront-us-east-1.images.arcpublishing.com/elcomercio/CSDWS3TIMBEWHCX7NFW3HIGKME.jpg)
