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Interested in building success and independence in your own business? Financing and technical business assistance are available that could help you to start or expand a business enterprise.
Montana “Micro” businesses with fewer than 10 full time employees and annual gross revenues under $1,000,000 can receive loan funds up to $100,000 from Montana 's MicroBusiness Development Corporations (MBDCs). The MBDC is designed to work with you - in constructing a plan that will help to give your business the foundation for success.
LOANS FOR STARTUP OR EXPANSION
The MicroBusiness loan program is designed to fund economically sound business projects who because of their small size are unable to obtain commercial funding.
- Qualified applicants may borrow up to $100,000 at an above-market fixed interest rate.
- Loan proceeds may be used for working capital and fixed assets. Amortization of the loan varies, but will have a 2nd or 3rd year balloon payment.
- Credit decisions are based on a business plan noting repayment ability, a credit report, and management capability.
- Collateral and credit history are evaluated on an individual basis.
TERMS & CONDITIONS OF EACH LOAN
- Depends on the applicant's need.
- The business plan feasibility.
- The useful life of the collateral.
- Programs may vary in each region.
APPLICATION PROCESS
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A representative will discuss your loan proposal and explain the requirements and timeline for applying.
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Companies must provide a detailed business plan, including financial statements.
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Companies may be required to participate in business training classes.
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In addition to financing, borrowers receive technical assistance and consulting to help assure their success.
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Completed applications and business plans are submitted to Loan Review Boards in each region.
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