Montgomery Advertiser: Montgomery will use federal funds to launch small business support programs

Alex Gladden, Montgomery Advertiser

Montgomery County and the city are partnering to use American Rescue Plan dollars to support small businesses.

“In today’s environment, we need our small businesses," Mayor Steven Reed said.

A portion of the funding will go to create the Small Business One Stop Shop and also the Access to Capital loan program.

The Small Business One Stop Shop will offer training to help people start, manage and expand their small businesses.

Gaitway Solutions will manage the Small Business One Stop Shop.

HOPE Credit Union will manage the Access to Capital loan program, a $2.5 million low-interest, revolving small business loan fund.

Small businesses will be able to apply for loans of up to $250,000.

“We are ready to now put into place a robust system to support our small businesses as never before," said Anna Buckalew, the president and CEO of the Montgomery Area Chamber of Commerce.

Read the original article here.