Montana DOC: Millions in Federal Loans Available to Help Montana’s Small Businesses Expand, Create Jobs
HELENA – The Montana Department of Commerce announced today the opening round of more than $60 million dollars in federal funds to assist small Montana businesses with expansion and job creation. The lending and financing funding is through Commerce’s Montana State Small Business Credit Initiative 2.0 Loan Participation Program (MT SSBCI 2.0 LPP), administered by Commerce’s Business MT Division.
SSBCI is a federal program administered by the U.S. Department of the Treasury that was created to strengthen state programs that support private financing to small businesses.
“The SSBCI program is designed to provide much-needed access to capital for traditionally underserved Montana small businesses who seek to grow and create jobs in their communities,” Montana Department of Commerce Director Scott Osterman said. “Montana is a national leader for entrepreneurs to start and grow their companies. This funding, in partnership with private institutions, provides essential capital to diverse and early stage entrepreneurs; we look forward to the impact this financing will have for companies and communities throughout Montana.”
The objectives of the MT SSBCI 2.0 LPP are to:
- Expand access to capital for underserved communities;
- Assist in financing small businesses unable to access credit on reasonable terms;
- Provide greater opportunity to rural and Native American entrepreneurs to create new businesses;
- Partner with existing small businesses in attaining their growth goals; and
- Expand jobs and economic opportunities in Montana’s rural counties and Indian country.
The MT SSBCI 2.0 LPP will partner with 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 maximum participation rate of 50 percent. MT SSBCI 2.0 LPP participation will occur through a participating lender.
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 SSBCI as a response to the economic effects of the COVID-19 pandemic.
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