Tuesday, April 18, 2017

Microloan Program for Entrepreneurs

The Council unanimously approved Bill 49-16 that will create a County microloan program that would provide loans from $500 to $15,000 for County residents needing additional help to start small businesses.

Nationally and locally, micro businesses have been found to improve the economic well-being and self-sufficiency of individuals who often find themselves in low wage jobs, but have the creativity and desire to own and operate a wide variety of businesses.

The amended legislation calls for the Montgomery County Economic Development Corporation to administer a “culturally proficient” program. Loans would be limited to no more than $15,000, with the expectation that most loans will initially be in the $500 to $5,000 range. Loans would be limited to County residents who headquarter their business in Montgomery County. Loan recipients would be required to participate in educational and technical assistance that would be part of the program.

The legislation was inspired by a meeting with the leadership of organizations that are currently working the most in this arena. During the meeting, the leaders expressed the belief that Montgomery County’s entrepreneurs would greatly benefit from the necessary technical assistance and access to microloans that can help aspiring entrepreneurs realize their dreams.

More information on the legislation is available at http://tinyurl.com/l3leg22.

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