Small Business Access to Capital Program

Small Business Access to Capital Program is sponsored by City and County of Montgomery, Alabama, in collaboration with Hope Enterprise Corporation. This program, funded through the State and Local Fiscal Recovery Fund (SLFRF) of the American Rescue Plan Act (ARPA), aims to enhance access to small business financing specifically tailored to alleviate financial burdens stemming from the pandemic for locally owned businesses i…

Montgomery Small Business Access to Capital Program - Hope CU Montgomery Small Business Access to Capital Program Montgomery Small Business Access to Capital Program Montgomery, Alabama businesses can take advantage of funding and technical assistance. HOPE knows running a successful business isn’t easy. As companies start and grow, they all face challenges, and the last several years have made those struggles even more daunting.

To address those obstacles and give locally owned companies the right tools to succeed, the City and County of Montgomery, Alabama, in partnership with Hope Enterprise Corporation, have launched the Small Business Access to Capital Program. The program will increase access to small business financing and technical assistance designed to mitigate financial hardship resulting from the pandemic in Montgomery.

Funding is available to support up to 50 business located in the City or County of Montgomery, Alabama, over the next three years. Businesses that qualify can receive loans of up to $250,000 from HOPE. ¹ These resources are being targeted to businesses disproportionately impacted by the pandemic, including those owned by people of color and women – businesses that are integral to the health of the Montgomery community and economy.

Borrowers meeting certain criteria may also qualify to have a portion of the loan forgiven. What are the eligibility requirements to participate in the program?

Physical location and postal address in City or County of Montgomery, Alabama Operated locally with independent local owners or majority local ownership (not less than 51%); excludes businesses of a chain headquartered outside the City or County of Montgomery, Alabama Currently active and open for business, and able to show proof of operation prior to February 15, 2020, including tax returns for the calendar years 2020 and 2021 Documented COVID-19 related financial hardships that were not otherwise mitigated by other federal COVID-19 recovery programs In good standing with the Alabama Secretary of State Neither business nor principal(s) are in default on any taxes or governmental obligations, or have liens on their credit report (excluding medical debt) Neither business nor principal(s), affiliates, or subsidiaries are party to any pending litigation or threatening litigation or subject to governmental investigations What are the eligible purposes for a loan?

Costs to retain employees Mortgage, rent, utilities When does the program start and when does it end? Applications will be accepted beginning November 22, 2023, and must be submitted no later than November 21, 2026 or until all funds have been obligated. How can I apply for the Montgomery Small Business Access to Capital Program funds?

You can apply for a loan through one of our Montgomery branches: Arba Street or McGeehee Road . You can also complete the borrower interest form on this page and a HOPE associate will be in touch with you to discuss next steps. Businesses may be able to obtain forgiveness on part of the loan provided through this program.

General Terms and Conditions The borrower must meet specific requirements as determined by the program guidelines to become eligible for loan forgiveness. Loan forgiveness will only be granted once the requirements have been met. Each approved loan will receive up to 50% allocated forgiveness of the total enhancement amount or $75,000 whichever is less for qualified applicants.

The 50% forgivable portion will be interest-free. The Business must maintain a good standing status with the Secretary of State The Borrower must make on time payments for 12 consecutive months. Montgomery Small Business Access to Capital Program – Borrower Interest Form This is not a loan application.

Providing us with this information lets our lending team know you are interested, helps to verify your eligibility, and enables us to contact you about submitting a business loan application. 1 Loans Subject to Approval and Program Criteria This is not a loan application.

Providing us with this information lets our lending team know you are interested, helps to verify your eligibility, and enables us to contact you about submitting a business loan application. Eligibility Confirmation I certify that my business is locally owned and operated in the City or County of Montgomery, Alabama.

Only businesses that are locally owned and operated in the City and County of Montgomery, are eligible to apply for this program. You may be able to find other valuable financing resources by exploring our other lending programs. Learn more at Business Loans .

Business Name * Provide either the legal or DBA name for the business. Name of Owner * Please provide the name of a business owner whom we should contact to provide more information. Business Type * Select the type of business you own from the list provided.

Sole Proprietor Partnership Limited Liability Company S-Corporation or C-Corporation Business Street Address 1 * Provide the street address of the business. Business Street Address 2 Use this field if there is additional information needed for a mailing address. Business City * In what city is the business headquartered?

Business Start Date * When did your company begin operations? Jobs Created/Retained * Provide the number of new employees that will be hired or the number of positions that will be preserved as a result of the loan. Phone Number * Enter the best phone number for us to contact you.

Email Address * Please provide an email address for us to contact you.