Small Business Success in Montgomery: Collaboration and Support through One-Stop Shop and Access to Capital

Montgomery County and the City of Montgomery have joined forces to utilize funds from the American Rescue Plan to support small businesses in the area. Mayor Steven Reed highlighted the significance 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, managed by Gaitway Solutions, will provide training programs for individuals looking to start, manage, and expand their small businesses. Meanwhile, HOPE Credit Union will oversee the Access to Capital loan program, which is a $2.5 million low-interest revolving fund that allows small businesses to apply for loans of up to $250,000.

Anna Buckalew, president and CEO of Montgomery Area Chamber of Commerce, expressed excitement about the new initiative 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 strengthen small business resilience like never before. This initiative is expected to positively impact local economic growth and contribute significantly to small business success in Montgomery.

Further economic benefits have been observed with events such as the Olympic Trials at Montgomery Whitewater generating an estimated $1.5 million economic impact. For more updates and information on this topic, contact Alex Gladden at agladden@gannett.com or on Twitter @gladlyalex.