Commerce will partner with an approved lender in a participation loan for equipment purchases. Commerce’s portion of the loan will be provided at 0.00% interest for up to 50% of the purchase price of the automation equipment, but not to exceed $500,000 with the option to defer the first year of loan payments. The maximum loan term for the program is five (5) years.
OKTA account registration is required to access the guidelines and application for the Montana Automation Loan Program.
The capital investment justification report will identify the cost of the equipment and identify the resulting annual savings and/or costs. Additionally, the capital investment justification will demonstrate the pay-back period and return on investment (ROI).
Purchase of automation equipment.
Eligible applicants are Montana-based manufacturing businesses that are in good standing with the Montana Secretary of State or Tribal Government and the Montana Department of Revenue, and who derive at least 51% of their revenue from the sale of manufactured goods. These businesses must have been in operation in Montana for at least three years prior to the application. Businesses must not be debarred from doing business with the State or federal government.
MMEC is a statewide manufacturing outreach and assistance center that provides solutions to help Montana manufacturers grow, innovate and enhance their businesses.
The proposed automation will need to demonstrate a payback period of less than five (5) years and an ROI of at least 20%.
The purchase and installation of production equipment that will result in a 20% ROI with a payback of at least five (5) years will be eligible. This will be supported through the Capital Investment Justification Report.
Commerce is the primary point of contact for initiating a loan application and working through the process leading to the loan closing.
The eligible business will submit an application to Commerce. Once the application is received, the businesses lender is identified, and a lender loan servicing agreement is signed, Commerce will contract with MMEC to complete an inspection and assist the business in completing the required Capital Investment Justification Report. The loan amount will be based on the firm costs contained in this report.
Receipt of an application does not imply a commitment for funding from Commerce. A review committee will review the applications for eligibility and suitability with State and program requirements.
Purchases that show an ROI of more than 30% will have the highest priority.
Eligible businesses may apply directly to the program. Please see the instructions on OKTA registration at the top of this page. Applications are only accepted here:
Applications will be accepted on a first-come, first-served basis until all funds have been obligated.
Patsy Rasch
Business Resource Partner
406.841.2748
patsy.rasch2@mt.gov
These banks participate in the Montana Automation Loan Program:
American Bank
800.255.7911
https://www.americanbankmontana.com/
Bravera Bank
877.483.6811
https://www.bravera.bank/
Citizens Alliance Bank
844.772.4258
https://www.citizensalliancebank.com/
First Interstate Bank
855.342.3400
https://www.firstinterstatebank.com/
Freedom Bank
406.892.1776
https://www.freedombankmt.com/
Glacier Bank
800.735.4371
https://www.glacierbank.com/
Opportunity Bank
888.750.2265
https://www.opportunitybank.com/
Stockman Bank
877.300.9369
https://www.stockmanbank.com/
TrailWest Bank
406.273.3001
https://trailwest.bank/
Valley Banks of Montana
866.676.2055
https://valleybanks.com/
Yellowstone Bank
406.869.4100
https://www.yellowstone.bank/
Montana Department of Commerce
301 S Park Ave, Helena, MT 59620
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Montana Relay 711