Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development Small Business topic
No spam. Unsubscribe anytime.
Montgomery County approves amendment to ARPA small‑business subrecipient agreement with HOPE
Summary
The commission approved changes to the HOPE Enterprise ARPA subrecipient agreement to clarify who qualifies as 'Beneficiaries' and to refine program eligibility, reporting and grant terms for the MontgomeryThrive small business support initiative.
The Montgomery County Commission on March 18 approved a written amendment to the county’s ARPA subrecipient contract with Hope Enterprise Corporation, refining eligibility and beneficiary language for the MontgomeryThrive Small Business Support Program.
The amendment updates Attachment A (Program Eligibility) to refer to recipients of program credit enhancement funds as "Beneficiaries," adds a requirement that beneficiaries certify funds will not duplicate other aid, and clarifies terms tied to forgivable loan conditions and reporting. County materials filed with the commission show the interlocal agreement with the City of Montgomery that contributed County and City ARPA funds to the joint MontgomeryThrive initiative; the County’s Exhibit A and Exhibit B describe program scope, award ceilings and anticipated private leverage.
According to packet materials, the small business support program aims to deploy credit enhancement grants and up to $8.25 million in leveraged private lending to support roughly 50 qualifying small businesses over three years. The plan includes a forgivable portion of loans—up to 50 percent of the allocated forgiveness or a maximum forgiveness amount per business—subject to on‑time payment and program participation conditions. The amendment clarifies that small businesses receiving credit enhancement are "Beneficiaries" subject to program eligibility but not subject to the entire federal Exhibit B compliance language and 2 CFR Part 200 in the same way, per revised contract language in the packet.
County officials said the program will target businesses disproportionately impacted by the pandemic, with program goals calling for a majority of beneficiaries to be minority‑owned and a large share located in economically distressed census tracts. The packet lists reporting metrics the subrecipient must provide, including application and funding dates, NAICS codes, job counts at funding, and demographic information for participating business owners.
Commissioners approved the amendment as part of the meeting’s business agenda. The packet includes the full proposed amendment language, the underlying interlocal agreement between city and county, and program exhibits establishing budget, schedule and reporting obligations.
