Montgomery County and the city have joined forces to utilize funding from the American Rescue Plan to provide support for small businesses. Mayor Steven Reed emphasized the importance of small businesses in today’s economic climate. A portion of the funding will be allocated towards the creation of the Small Business One Stop Shop and the Access to Capital loan program.
The Small Business One Stop Shop aims to provide training for individuals looking to start, manage, and expand their small businesses. Gaitway Solutions will oversee the management of this program. Additionally, the Access to Capital loan program, a $2.5 million low-interest, revolving small business loan fund, will be managed by HOPE Credit Union. Small businesses will have the opportunity to apply for loans of up to $250,000.
Anna Buckalew, the president and CEO of the Montgomery Area Chamber of Commerce, expressed readiness to implement a comprehensive system to support small businesses in the community like never before. This initiative is a significant step towards bolstering the resilience of small businesses and fostering economic growth in the region.
In other news, the recent Olympic trials held at Montgomery Whitewater have generated a substantial $1.5 million economic impact. For more information, reach out to Alex Gladden, the Montgomery Advertiser’s public safety reporter, at agladden@gannett.com or on Twitter @gladlyalex.