37 Counties in Appalachian Alabama Getting Grants to Help Small Businesses

Some of the country's worst poverty can be found in the Appalachian Region which extends from the southern tip of New York down through Alabama and Mississippi. Small businesses play an important role in providing jobs, which is why Alabama Governor Robert Bentley just announced a $400,000 grant to establish a loan fund focusing on small businesses in Appalachian Alabama.

The grants are being provided by the Appalachian Regional Commission (ARC) and are available to businesses in Alabama’s 37 county ARC region. Pathway Lending of Nashville is jumping in by contributing $1.3 million to the fund. The lender expects the funding will create $1.75 million in loans within the first three years, support 30 new businesses and create about 105 new jobs.

The Alabama Small Business Development Center Network is also helping to create a Community Development Financial Institution loan program for small businesses in Alabama’s 37 county ARC region. Together, the organizations involved in the program hope to create more capital that will help small businesses be more successful and create more jobs for area residents.

As Governor Bentley explained it, “By helping small businesses get established, we help create jobs and improve local economies.”

To learn more about grants and funding from The Appalachian Regional Commission, go to www.arc.gov/grants

Read more at www.northwestgeorgianews.com/cherokee_county/governor-announces-grant-to-assist-small-businesses-in-appalachian-counties/article_98203b3c-5e57-11e6-bab3-4f28da300e37.html