MicroBusiness Finance Program
Montana-based businesses with 10 or fewer employees and a gross annual revenue of less than $1,000,000 can apply for a microbusiness loan up to $100,000 by contacting a MicroBusiness Development Corporation (MBDCs) MBDC for further details. MBDCs not only provide capital to start or expand a business but they also provide training and technical assistance to the business owner. Pre- and post-loan training is a very important aspect to a small business' success. Since the inception of the MicroBusiness Finance Program in 1991, over 949 loans have been made across the state, totaling over $16.7 million and creating 1140 jobs. The program also sponsors the MicroBusiness of the Year Award, which highlights successful businesses who are current micro-loan borrowers.
The MicroBusiness Finance Program operates under the policy guidance of the Governor's appointed Economic Development Advisory Council , which consists of 19 appointed Council members. Those members include: the Director of the Department of Commerce, the Chief Business Development Officer in the Governor's Office, one member from a Montana tribal government who represents a tribal economic development organization, up to 12 public members representing each certified regional development corporation, and four legislators, which includes two representatives (one from each party) and two senators (one from each party).
The Montana MicroBusiness Finance Program's goals & objectives:
- Assist the MBDCs in their efforts to provide loans up to $100,000 to qualified microbusinesses.
- Improve the capacity of the MBDCs to underwrite and service their microloan portfolios.
- Improve the capacity of the MBDCs to provide training and technical assistance to their customers.
- Develop close and effective working relationships between MBDC staff and other resources providers that work with low- to moderate-income people interested in self employment.
A non-profit corporation interested in becoming a certified MicroBusiness Development Corporation (MBDC) should contact the Department of Commerce directly by calling Janice Wannebo at 841-2751 for further details. To find out more about the Legislative intent of the Program click on MCA 17-6-401 thru 17-6-411 for the MicroBusiness Development Act. To learn more about the requirements to become an MBDC click on MAR 8.99.401 thru 8.99.511 to review the current Administrative Rules for the MBDC's. You may also email inquiries by using the Contact Form and selecting Microbusiness.
For further information, contact your local MBDC (see map).
Be sure to check out the Finance Information Center and the Small Business Development Center for more financing options.
