Connect with us

Hi, what are you looking for?

Local news

Montgomery unveils new tools to support small business growth, recovery

American Rescue Plan Act funding will go toward the creation of a “Small Business One-Stop Shop” and an “Access to Capital” loan program.

Montgomery, Alabama
Getting your Trinity Audio player ready...

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.

“Montgomery’s small businesses are the heartbeat of our local economy, and through the Small Business One-Stop Shop and Access to Capital Program, we are providing tangible tools and resources to help our small businesses thrive,” said Montgomery Mayor Steven L. Reed. “With these initiatives, we are not only supporting our local entrepreneurs but also strengthening the entire Montgomery economy. I encourage every local business owner and those considering starting their own business to take full advantage of these resources.”

ACCESS Montgomery is an interconnected business network formed by the City of Montgomery to provide access to resources, training, market exposure, and other resources to support minority entrepreneurs in launching and expanding their businesses and sustaining them over the long term. Its goal is to promote a thriving ecosystem that supports small businesses at all stages of operation through access to resources, training, market exposure, capital, and opportunities that promote their success.

Small business owners and entrepreneurs interested in learning more about the SBOSS and Access to Capital programs and other initiatives managed by the City of Montgomery and Montgomery County to help small businesses are encouraged to participate in Montgomery’s Small Business Week activities.

Advertisement. Scroll to continue reading.

Small Business Week will be held this year from April 28 through May 4. Attendees can expect a series of events and several opportunities to access resources, connect with like-minded entrepreneurs, and grow their businesses. Key events include conferences, competitions, and networking opportunities.

“From donating to local causes, creating jobs, and investing into our community, small businesses help drive Montgomery County forward,” said Montgomery County Commission Chairman Doug Singleton. “Supporting and empowering our Montgomery County entrepreneurs fosters positive growth across our community!”  

One of the featured Small Business Week events is a fireside chat and networking mixer on May 2 with Dr. Lomax Campbell, a national leader in small business ecosystem development. Dr. Campbell will explore strategies crucial for building and accelerating entrepreneurial ecosystems. Following this enlightening discussion, entrepreneurs will have the opportunity to mingle with like-minded individuals during the networking mixer. 

A comprehensive schedule of Small Business Week events is listed at montgomeryal.gov/smallbusinessweek.

The Alabama Political Reporter is a daily political news site devoted to Alabama politics. We provide accurate, reliable coverage of policy, elections and government.

More from APR

Economy

At the “Moral Monday” event, Bishop William Barber II talked about how his Christian faith informs his support of unions.

News

The annual event features thought leaders, innovators and change-makers from around the world.

Featured Opinion

Meta — the parent company of Facebook, Instagram and WhatsApp — will be building an $800 million data center in Alabama’s capitol city.

Local news

They will showcase the "Todd Road Incident" short film created by a Leadership Montgomery class.