$1 million grant to assist small businesses in pandemic recovery

ALBANY — 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.

“We’re looking to help at least 30 businesses,” said Thelma Johnson, president and CEO of ACT!, a private, non-profit community development financial institution operating in Albany since 2020. “It will help businesses that are funded to recover and reinvest.”

An online informational session that will cover the application process will be held at 10 a.m. Wednesday in conjunction with the University of Georgia.

The grant funds will be used primarily for lending capital, loan loss reserves and subsidies ranging from $25,000 to $50,000. The program is anticipated to help retain at least 45 jobs in the community. It is part of Wells Fargo’s $400 million Open For Business recovery effort launched during the summer that targets small businesses across the country.

The money can be used for a wide variety of purposes, from providing partitions between seats and personal protective equipment for a hair salon to new floor plans to adapt a restaurant to continue serving customers during the pandemic.

“It can be used for any business activity as long as it is used to keep the business open and retain employees,” Johnson said. “Whatever the need is, the business will have full discretion to (utilize) the funds that they receive.”

ACT! has additional funding sources to assist other businesses outside the grant program and offers other services such as connecting business owners with other lenders.

UGA also offers business development services that include help drafting business plans, revamping or relaunching an existing business or launching a new venture. Assistance from the university is available by contacting Rob Martin at (229) 420-1144.

The Wednesday webinar is available by registration at https://zoom.us/webinar/register/WN_VDt0pX3WQt6fTUmFj_sMnw.

Applicants are not required to attend the session and can get more information by contacting ACT! at (229) 420-4600.

The organization is licensed through the U.S. Treasury Department to provide funding to business in distressed communities.

Johnson did not have figures on the number of Albany businesses that have closed or downsized during the pandemic, but noted that 40 percent of African American-owned businesses have been shuttered. Many of those local businesses did not receive assistance from the federal Paycheck Protection Program enacted earlier this year.

“Of course, we are trying to save the African-American legacy businesses, but our services are open to any business that applies,” she said.

In addition to the new grants, Wells Fargo has donated more than $300,000 this year in Georgia in support of small business recovery and relief in the midst of the pandemic.

“Wells Fargo’s Open for Business Fund is another avenue of support and enlists the expertise of organizations like ACT! to urgently help Georgia small businesses recover and preserve the jobs they provide in the community,” Jeretha Peters, Wells Fargo Advisors branch manager and an ACT! board member, said. “We can all play a role in brightening the holiday season for small business owners by offering resources, shopping local and shining a light on how much small businesses contribute to the heart of our community.”

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