State Small Business Credit Initiative
Working with Montana’s Office of Economic Development, state Department of Commerce and Board of Investments, Big Sky Economic Development is participating in the U.S. Department of Treasury State Small Business Credit Initiative (SSBCI), making Montana eligible to receive $13,168,350 via transfer under the SSBCI.
The program allows Big Sky Economic Development Corporation the ability to partner with Montana lending institutions to provide loans for business purposes, including but not limited to, working capital, business procurement, franchise fees, equipment, inventory, as well as the purchase, construction renovation or tenant improvements of an eligible place of business that is not of passive real estate purposes. Under the program highlights, the State of Montana will be required to demonstrate a minimum “bang for the buck” of $10 in new private lending for every $1 in federal SSBCI funds advanced, making more than $100 million available to Montana small businesses. Montana has received the first payment of $3.4 million. The Office of Economic Development, State Department of Commerce and Board of Investments is working with Big Sky Economic Development and 8 other local organizations across the state to find projects and help complete applications.
The funding was made possible through the Small Business Jobs Act of 2010, which Senator Jon Tester helped pass in Congress as a member of the Senate Banking Committee. The legislation created the State Small Business Credit Initiative to strengthen state programs that support lending to small businesses and small manufacturers.
Big Sky EDC’s Business Finance Director, Brandon Berger, says the new dollars help Montana two-fold. “Not only is this program great for small businesses, it’s great for Montana as our organization’s loan fund receives the principal of the loan upon payback which allows us to reinvest that money into assisting more local businesses.”
For more information on the SSBCI Program, contact Brandon Berger or Mac Ketterling at Big Sky Economic Development at 406-256-6871.
Forms & Resources
Below are links to start an SSBCI application and to visit the state’s website.