County Council Approves New Microloan Program for Entrepreneurs

The Montgomery County Council has passed a bill creating a microloan program to help entrepreneurs start small businesses. A county council press release states:

“Our County has a growing number of individuals who possess both the skills and desire to start small business enterprises, but lack access to the small amount of necessary seed capital,” said Council President Berliner. “This legislation will help ensure that those individuals have every opportunity to succeed and prosper, and I look forward to seeing the positive real life impacts it will make.”

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.

“Bill 49-16 serves an important purpose for entrepreneurs in the County by providing critical access to funding and technical assistance, as well as opening the door to opportunity that leads to self-sufficiency and job creation,” said Councilmember Navarro. “I am proud to have been a lead co-sponsor of this bill. As I met with local entrepreneurs and non-profit micro-lending providers who are already carrying out this vision, I got the chance to hear their stories of success and resiliency. The drive to thrive, grow and participate in the local economy is palpable and inspiring.”

For more information read the press release release.