Montgomery unveils new tools to support small business growth, recovery

Via Alabama Reflector

Montgomery area small business owners and those interested in starting their own companies have two new tools to help them succeed in their entrepreneurial journey.

Montgomery Mayor Steven L. Reed and Montgomery County Commissioner Ronda Walker announced Monday that a portion of the region’s American Rescue Plan Act (ARPA) funding will go toward the creation of a “Small Business One-Stop Shop” and an “Access to Capital” loan program. ACCESS Montgomery is facilitating both initiatives.

The Small Business One-Stop Shop (SBOSS), managed by Gaitway Solutions, is an all-inclusive support hub for entrepreneurs. It will provide entrepreneurs with essential support for starting, managing, and expanding their businesses. Services include guidance on business planning, financial statement improvement for capital acquisition, marketing strategy development, and scaling operations.

The Access to Capital Program is a $2.5 million low-interest, revolving small business loan fund through HOPE Credit Union, which will offer low-interest business loans of up to $250,000, some of which may be forgivable, to help address financial challenges resulting from the pandemic.