Montgomery County and the City of Montgomery are working together to utilize funds from the American Rescue Plan to support small businesses in the area. 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 the Small Business One Stop Shop and 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 is responsible for managing this initiative. Meanwhile, HOPE Credit Union is overseeing the Access to Capital loan program, which is a $2.5 million low-interest revolving fund that will provide small businesses with access to loans of up to $250,000.
Anna Buckalew, President and CEO of Montgomery Area Chamber of Commerce expressed enthusiasm for this new system that aims to provide increased support for small businesses in the area. The collaboration between the city and county is expected to create a robust system that will strengthen the resilience of small businesses like never before. This initiative has already had a positive impact on the local economy and is expected to contribute significantly towards the growth and success of small businesses in Montgomery.
In addition, events such as the Olympic Trials at Montgomery Whitewater generated an economic impact of $1.5 million in