{"id":16509,"date":"2024-07-08T17:10:13","date_gmt":"2024-07-08T17:10:13","guid":{"rendered":"https:\/\/www.hopecu.org\/?post_type=product&#038;p=16509"},"modified":"2025-04-16T14:50:28","modified_gmt":"2025-04-16T18:50:28","slug":"montgomery-small-business-access-to-capital-program","status":"publish","type":"product","link":"https:\/\/www.hopecu.org\/product\/business\/special-programs\/montgomery-small-business-access-to-capital-program\/","title":{"rendered":"Montgomery Small Business Access to Capital Program"},"content":{"rendered":"\n<div class=\"wp-block-columns hope-product-content-layout is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column hope-product-content-side is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33\">\n<h2 class=\"wp-block-heading hope-product-heading\"><strong>Montgomery, Alabama businesses can take advantage of funding and technical assistance.<\/strong><\/h2>\n<\/div>\n\n\n\n<div class=\"wp-block-column hope-product-content-main is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66\">\n<div class=\"wp-block-group alignfull hope-product-content\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<h2 class=\"wp-block-heading has-hope-color-1-color has-text-color has-link-color wp-elements-09f350424e5137bc21da278e62bd8643\"><strong>HOPE knows running a successful business isn\u2019t easy. As companies start and grow, they all face challenges, and the last several years have made those struggles even more daunting.<\/strong><\/h2>\n\n\n\n<div style=\"height:2rem\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>Businesses that qualify can receive loans of up to $250,000 from HOPE.\u00b9<\/p>\n\n\n\n<p>These resources are being targeted to businesses disproportionately impacted by the pandemic, including those owned by people of color and women \u2013 businesses that are integral to the health of the Montgomery community and economy.<\/p>\n\n\n\n<p>Borrowers meeting certain criteria may also qualify to have a portion of the loan forgiven.<\/p>\n\n\n\n<div style=\"height:2rem\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<section class=\"faq relative pv6\" id=\"faq-block_9146e02f31cca9e5cac341ecab030480\"\n    style=\"background-color: #F2EFE5;\">\n    <div class=\"flex w-100 justify-center items-center\">\n        <div class=\"w-90 hope-inner\">\n            <div class=\"hope-column-content-layout\">\n                                <div class=\"hope-column-content-main faq-accordion secwis-cont\" style=\"width: 100%;\">\n                                            <div class=\"faq-acc-item\">\n                            <div class=\"faq-acc-heading flex justify-between items-center\">\n                                <h2>What are the eligibility requirements to participate in the program? <\/h2>\n                                <div class=\"acc-plus\">\n                                    <div class=\"plus-line plus-rt\"><\/div>\n                                    <div class=\"plus-line\"><\/div>\n                                <\/div>\n                            <\/div>\n                            <div class=\"faq-cont\">\n                                <div class=\"faq-cont-inner\">\n                                    <ul>\n<li>Physical location and postal address in City or County of Montgomery, Alabama<\/li>\n<li>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<\/li>\n<li>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<\/li>\n<li>Documented COVID-19 related financial hardships that were not otherwise mitigated by other federal COVID-19 recovery programs<\/li>\n<li>In good standing with the Alabama Secretary of State<\/li>\n<li>No recent bankruptcies<\/li>\n<li>Neither business nor principal(s) are in default on any taxes or governmental obligations, or have liens on their credit report (excluding medical debt)<\/li>\n<li>Neither business nor principal(s), affiliates, or subsidiaries are party to any pending litigation or threatening litigation or subject to governmental investigations<\/li>\n<\/ul>\n                                <\/div>\n                            <\/div>\n                        <\/div>\n                                            <div class=\"faq-acc-item\">\n                            <div class=\"faq-acc-heading flex justify-between items-center\">\n                                <h2>What are the eligible purposes for a loan? <\/h2>\n                                <div class=\"acc-plus\">\n                                    <div class=\"plus-line plus-rt\"><\/div>\n                                    <div class=\"plus-line\"><\/div>\n                                <\/div>\n                            <\/div>\n                            <div class=\"faq-cont\">\n                                <div class=\"faq-cont-inner\">\n                                    <ul>\n<li>Payroll and benefits<\/li>\n<li>Costs to retain employees<\/li>\n<li>Mortgage, rent, utilities<\/li>\n<li>Building Improvements<\/li>\n<li>Other operating costs<\/li>\n<\/ul>\n                                <\/div>\n                            <\/div>\n                        <\/div>\n                                            <div class=\"faq-acc-item\">\n                            <div class=\"faq-acc-heading flex justify-between items-center\">\n                                <h2>When does the program start and when does it end? <\/h2>\n                                <div class=\"acc-plus\">\n                                    <div class=\"plus-line plus-rt\"><\/div>\n                                    <div class=\"plus-line\"><\/div>\n                                <\/div>\n                            <\/div>\n                            <div class=\"faq-cont\">\n                                <div class=\"faq-cont-inner\">\n                                    <p>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.<\/p>\n                                <\/div>\n                            <\/div>\n                        <\/div>\n                                            <div class=\"faq-acc-item\">\n                            <div class=\"faq-acc-heading flex justify-between items-center\">\n                                <h2>How can I apply for the Montgomery Small Business Access to Capital Program funds? <\/h2>\n                                <div class=\"acc-plus\">\n                                    <div class=\"plus-line plus-rt\"><\/div>\n                                    <div class=\"plus-line\"><\/div>\n                                <\/div>\n                            <\/div>\n                            <div class=\"faq-cont\">\n                                <div class=\"faq-cont-inner\">\n                                    <p>You can apply for a loan through one of our Montgomery branches:\u00a0<a href=\"https:\/\/hopecu.org\/locationsms\/terry-road\/\"><strong>Arba Street<\/strong><\/a>\u00a0or\u00a0<a href=\"https:\/\/hopecu.org\/locationsms\/medical-mall-branch\/\"><strong>McGeehee Road<\/strong><\/a>. 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.<\/p>\n<p>&nbsp;<\/p>\n                                <\/div>\n                            <\/div>\n                        <\/div>\n                                            <div class=\"faq-acc-item\">\n                            <div class=\"faq-acc-heading flex justify-between items-center\">\n                                <h2>Loan Forgiveness <\/h2>\n                                <div class=\"acc-plus\">\n                                    <div class=\"plus-line plus-rt\"><\/div>\n                                    <div class=\"plus-line\"><\/div>\n                                <\/div>\n                            <\/div>\n                            <div class=\"faq-cont\">\n                                <div class=\"faq-cont-inner\">\n                                    <p>Businesses may be able to obtain forgiveness on part of the loan provided through this program.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>General Terms and Conditions\u00a0<\/strong><\/p>\n<ul>\n<li>The borrower must meet specific requirements as determined by the program guidelines to become eligible for loan forgiveness.<\/li>\n<li>Loan forgiveness will only be granted once the requirements have been met.<\/li>\n<li>Each approved loan will receive up to 50% allocated forgiveness of the total enhancement amount or $75,000 whichever is less for qualified applicants.<\/li>\n<li>The 50% forgivable portion will be interest-free.<\/li>\n<\/ul>\n<p><strong>Forgiveness Qualifiers<\/strong><\/p>\n<ul>\n<li>The Business must maintain a good standing status with the Secretary of State<\/li>\n<li>The Borrower must make on time payments for 12 consecutive months.<\/li>\n<\/ul>\n                                <\/div>\n                            <\/div>\n                        <\/div>\n                                    <\/div>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/section>\n\n<script defer>\n\n    (function () {\n        \n        const accordion = document.querySelectorAll('.faq-acc-heading');\n        const accordionContent = document.querySelectorAll('.faq-cont');\n\n        const plusAcc = document.querySelectorAll('div.plus-rt');\n\n        const maxHeight = \"max-content\";\n\n        accordion.forEach(acc => {\n            acc.addEventListener('click', (e) => {\n\n                let currentContent = acc.nextElementSibling;\n\n                const plus = acc.querySelector('div.plus-rt');\n\n                if (getComputedStyle(currentContent).height == '0px') {\n                    accordionContent.forEach(cont => {\n                        if (cont == currentContent) {\n                            let inner = cont.querySelector('.faq-cont-inner');\n                            let innerHeight = inner.clientHeight;\n                            cont.style.maxHeight = 'calc(' + innerHeight + 'px + 2rem)';\n                            cont.style.height = 'calc(' + innerHeight + 'px + 2rem)';\n                            plus.style.transform = 'rotate(90deg)';\n                            plusAcc.forEach(plusEl => {\n                                if (plusEl != plus) {\n                                    plusEl.style.transform = 'rotate(90deg)';\n                                }else{\n                                    plus.style.transform = 'rotate(0deg)';\n                                }\n                            });\n                        } else {\n                            cont.style.maxHeight = '0px';\n                            cont.style.paddingBottom = '0px';\n                            plus.style.transform = 'rotate(0deg)';\n                        }\n                    });\n                } else {\n                    currentContent.style.maxHeight = '0px';\n                    currentContent.style.height = '0px';\n                    currentContent.style.paddingBottom = '0px';\n                    plus.style.transform = 'rotate(90deg)';\n                }\n\n            });\n        });\n\n    })();\n\n<\/script>\n\n\n<div style=\"height:2rem\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Montgomery Small Business Access to Capital Program \u2013 Borrower Interest Form<\/strong><\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-small-font-size\"><sup>1<\/sup>Loans Subject to Approval and Program Criteria<\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<\/div><\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Montgomery, Alabama businesses can take advantage of funding and technical assistance. HOPE knows running a successful business isn\u2019t 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 [&hellip;]<\/p>\n","protected":false},"featured_media":0,"parent":0,"template":"","product_category":[244,247],"class_list":["post-16509","product","type-product","status-publish","hentry","product_category-business","product_category-special-programs"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.3 (Yoast SEO v23.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Montgomery Small Business Access to Capital Program - Hope CU<\/title>\n<meta name=\"description\" content=\"HOPE knows running a successful business isn\u2019t easy. 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