Montgomery City and County Partner to Boost Small Businesses with American Rescue Plan Funds
The City of Montgomery and Montgomery County have joined forces to harness the funds from the American Rescue Plan in order to provide support for small businesses in the region. Mayor Steven Reed underlined the significance of small businesses in today’s economy and declared 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 aimed at assisting individuals in launching, managing, and expanding their small businesses. Gaitway Solutions has been tasked with overseeing 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 enable small businesses to apply for loans of up to $250,000.
Anna Buckalew, CEO of the Montgomery Area Chamber of Commerce, expressed her enthusiasm towards this new system that aims to provide enhanced support for small businesses in the area. The partnership between the city and county seeks to create a resilient system that will empower small businesses like never before. This initiative is anticipated to have a positive impact on the local economy and contribute significantly to the growth and success of small businesses in Montgomery.
Furthermore, economic benefits have been observed with events such as Montgomery Whitewater hosting Olympic Trials generating a $1.5 million economic impact. For more updates and information regarding this topic, please contact Alex Gladden, public safety reporter for Montgomery Advertiser at agladden@gannett.com or follow him on Twitter @gladlyalex
