TARCOG collaborates to assist small businesses with expansion

HUNTSVILLE – Top of Alabama Regional Council of Governments or TARCOG is collaborating with a local non-profit organization to help the state’s small businesses access a capital initiative for Alabama.

TARCOG and Neighborhood Concepts Inc. are helping to guide business owners, along with organizations that assist businesses in expanding their operations, with strategies to grow their business and learn about a capital program, Alabama’s State Small Business Credit Initiative or SSBCI.

A Huntsville-based non-profit, Neighborhood Concepts focuses on strengthening neighborhoods by creating affordable housing and advancing economic opportunities. (neighborhoodconcepts.org)

Active throughout the Southeast, Neighborhood Concepts has housing communities in Alabama, Georgia and South Carolina. Its revolving loan fund provides access to capital for small businesses and entrepreneurs in North Alabama to support economic growth in the region’s underserved communities.

TARCOG and Neighborhood Concepts Inc. are community partners with America’s Small Business Development Center or SBDC in Alabama. (https://www.madeinalabama.com)

The SSBCI program involves approximately $10 billion to provide capital and technical assistance to promote small business stability, growth and success across the United States. SSBCI assists underserved and rural communities, veterans and others who may face unique challenges in securing loans or equity investment funding.

The scope includes businesses with fewer than 10 employees, which often have less access to sources of capital. Without loan or investment funding, they often rely on personal savings or funds from relatives and friends.

In June 2024, Gov. Kay Ivey announced that Innovate Alabama would receive approximately $98 million to continue its support of Alabama small businesses, fueling the state’s powerful ecosystem of entrepreneurs. “As Alabama continues to signal that it’s open for business, it is crucial that we continue to contribute to the growth of the state’s economy through our small businesses. This is a sector that has played a pivotal role in defining Alabama’s history,” Ivey said.

“With the SSBCI program, we will demonstrate to both investors and business owners that Alabama represents a sound investment opportunity,” Ivey said. https://americassbdc.org

TARCOG and Neighborhood Concepts presented a workshop, “The Funding Lab,” on Dec. 5 at the TARCOG office at 7037 Old Madison Pike, Suite 450 in Huntsville. The workshop included discussions about the credit initiative’s application process and the procedures for businesses to gain support.

TARCOG covers DeKalb, Jackson, Limestone, Madison and Marshall counties in North Alabama. TARCOG’s Economic Development and Planning team provides community and regional planning, economic development, job creation and project funding services to local governments and TARCOG members.

For more information, visit tarcog.us.