ALBANY â Area businesses, some of which did not receive federal funding provided during a coronavirus federal economic stimulus this year, could get a shot in the arm from an infusion of $1 million that will help them keep their doors open.
The grant, provided to Albany Community Together by Wells Fargo, is expected to help more than two dozen small businesses adapt and keep employees on the payroll.
âWeâre looking to help at least 30 businesses,â said Thelma Johnson, president and CEO of ACT!, a private, non-profit community development financial institution operating in Albany since 2020. âIt will help businesses that are funded to recover and reinvest.â
Albany organization receives $1M to help Southwest Ga. businesses stay open By Kim McCullough | December 10, 2020 at 2:48 PM EST - Updated December 10 at 2:48 PM
ALBANY, Ga. (WALB) - One Albany organization has received funds to help Southwest Georgia businesses stay open during this critical holiday season for small businesses.
Albany Community Together (ACT!) is getting more than $1 million to help small businesses stay open and save jobs.
The organization was among the first to receive funds from Wells Fargo’s new Open Business Fund.
ACT! said they will primarily use the funds for lending capital, loan loss reserves, and subsidies for loans between $25,000 to $50,000.