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Montgomery Small Business Access to Capital Program

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.

Frequently Asked Questions

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
  • No recent bankruptcies
  • 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?

  • Payroll and benefits
  • Costs to retain employees
  • Mortgage, rent, utilities
  • Building Improvements
  • Other operating costs

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.

Loan Forgiveness

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 loan amount or $75,000 whichever is less for qualified applicants.
  • The 50% forgivable portion will be interest-free.

Forgiveness Qualifiers

  • The Business must maintain a good standing status with the Secretary of State
  • The Borrower must make on time payments for 12 consecutive months.

1Loans Subject to Approval and Program Criteria