The collaboration between the City of Montgomery and Montgomery County has led to the creation of new initiatives aimed at supporting small businesses in the area. Mayor Steven Reed highlighted the importance of these businesses in today’s economy and announced that a portion of the American Rescue Plan funds 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, manage, and expand their small businesses. Gaitway Solutions will oversee this initiative, which will offer a range of resources and support to entrepreneurs. Meanwhile, HOPE Credit Union will oversee the Access to Capital loan program, which is a $2.5 million low-interest revolving fund that will provide small businesses with access to much-needed capital.
Anna Buckalew, president and CEO of the Montgomery Area Chamber of Commerce, expressed her enthusiasm for 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 these businesses like never before. This initiative is expected to have a positive impact on the local economy and contribute significantly to the overall growth and success of small businesses in Montgomery.
In addition, events like the Olympic Trials at Montgomery Whitewater have generated a significant economic impact in recent years, contributing an estimated $1.5 million to the local economy. As such, it is expected that these initiatives will continue to generate positive economic benefits for Montgomery’s small business community in years to come.
For more updates on these initiatives or other topics related to public safety in Montgomery, contact Alex Gladden at agladden@gannett.com or on Twitter @gladlyalex.