Footer settings are located in Appearance → Customize → Footer Settings.
Footer Text
You may customize the Footer Text by inputting your text in the corresponding field. The fields accepts basic HTML tags. In order to insert a link inside the footer text, use this code:
<a href="https://example.com/">Example</a>
Footer Copyright
A footer copyright is needed to legally protect your original content, assert ownership, and establish professionalism and trust with your website visitors.