The American Rescue Plan Act of 2021 (ARPA) reauthorized and amended the Small Business Jobs Acts of 2010 (SBJA) to provide $10 billion to fund the State Small Business Credit Initiative (SSBCI) as a response to the economic effects of the COVID-19 pandemic. SSBCI is a federal program administered by the Department of the Treasury that was created to strengthen state programs that support private financing to small businesses. SSBCI is expected to create billions of dollars in lending and investments to small businesses that are not getting the support they need to expand and create jobs.
The MT SSBCI 2.0 LPP will be used to assist existing Montana businesses that need additional borrowings to stabilize, pivot, expand, or re-start their business and to assist new Montana businesses entering the market. The MT SSBCI 2.0 LPP will partner with approved economic development organizations throughout the state to identify businesses in their regions that could benefit from the program. The program is structured to participate directly in a lender loan at a participation rate of 50%. MT SSBCI 2.0 LPP participation will occur via a participating lender.
Participating Lenders are organizations that are Community Development Financial Institutions or local economic development organizations with a revolving loan fund (CDFI/RLFs) that are approved to participate in the MT SSBCI 2.0 LPP. Approved CDFI/RLFs must execute an MT SSBCI 2.0 LPP CDFI/RLF Loan Servicing Agreement and adhere to the terms and conditions contained therein. Please contact program staff to become an approved participating lender.
are approved lenders, such as banks or credit unions that must execute an MT SSBCI 2.0 LLP Lender Loan Servicing Agreement and adhere to the terms and conditions contained therein. Please contact program staff to become an approved primary lender.
Loans eligible for MT SSBCI 2.0 LPP participation include, but are not limited to, real estate, equipment, working capital, and non-speculative new businesses.
Total SSBCI Funds Available: |
$ 24,922,660.37
|
3rd Tranche Funds Obligated: |
$ 17,928,560.00
|
Remaining Funds Available: |
$ 6,994,100.37
|
Anaconda Local Development Corporation
118 East 7th Street
https://anacondadevelopment.org
Bear Paw Development Corporation
300 2nd Ave
P.O. Box 170
Beartooth Resource Conservation & Development
128 So Main St.
PO Box 180
Big Sky Economic Development
201 N. Broadway
https://bigskyeconomicdevelopment.org
Butte Local Development Corporation
65 East Broadway Street 5th floor
Dakota Business Lending
207 W. Main St. Ste. 2, Office 4
https://www.dakotabusinesslending.com
Eastern Plains Economic Development Corporation
PO Box 321
Great Falls Development Authority
405 3rd Street NW, Suite 203
https://growgreatfallsmontana.org
Great Northern Development Corporation
233 Cascade Street
Headwaters RC&D
65 East Broadway Street 5th Floor
Lake County Community Development Corporation
dba Mission West Community Development Partners
407 Main Street SW
P.O. Box 128
https://www.missionwestcdp.org
Montana Business Assistance Connection, Inc.
225 Cruse Avenue, Suite D
MoFi
229 E Main Street
Montana West Economic Development
44 2nd Avenue West
https://dobusinessinmontana.com
Prospera Business Network
865 Technology Blvd, Suite A
https://www.prosperabusinessnetwork.org
Ravalli County Economic Development Authority
274 Old Corvallis Road, Suite A
Snowy Mountain Development Corporation
507 West Main Street
https://www.snowymountaindevelopment.com
Southeastern Montana Development Corporation
6200 Main Street
Sweetgrass Development
521 1st Avenue NW
Eligible businesses may work with either their Primary Lender or Participating Lender to decide whether to proceed with a loan application. If the business decides to proceed, the Primary Lender initiates the application process. Once the application is submitted, the Loan Review Committee will review the applications for eligibility and suitability with state and program requirements. The committee may request additional information, approve, or reject the application. Receipt of an application does not imply a commitment for funding. The application portal will close when the loan pipeline waiting approval is equivalent to the available funding. In the event of surplus funding identified following the loan pipeline review, the ServiceNow application portal will promptly reopen. Primary Lenders enrolled in the program will receive a notification accordingly.
Applications must be completed online by the Primary Lender through the ServiceNow application portal located at https://montana.servicenowservices.com/mtgl
Primary Lenders will be required to create an Okta profile, which requires a valid email account. Okta is located at https://okta.loginmt.com
Montana Grant and Loan Portal Login (Okta) Instructions
Montana Grant and Loan Portal Login (Okta) Video Instructions
Olivia Kettenring, Business Development Manager
Phone: 406.841.2737
Judy Tice, Loan Coordinator
Phone: 406.841.2751
Jamie Lemieux, Program Specialist
Phone: 406.841.2884
PO Box 200505
301 South Park Avenue
Helena MT 59620-0505
Montana Department of Commerce
301 S Park Ave, Helena, MT 59620
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Montana Relay 711