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.
Program Partners
Participating lenders
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.
Primary lenders
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.
MT SSBCI 2.0 LPP Policy (Revised 1.25.2024)
Borrower and Loan Size Requirements:
- Eligible borrowers must have fewer than 750 employees
- The MT SSBCI 2.0 LPP maximum participation amount is $1 million
- If the Primary and Participating Lenders feel a project warrants a participation amount of more than $1 million, it can be presented to program staff Agency Management for consideration. It must demonstrate revenue growth, an employment base increase, and a positive market share impact
- The MT SSBCI 2.0 LPP will not provide credit if a given transaction exceeds $20 million
Interest Rates
- Up to 3-year term with monthly payments – 50 basis points (0.50%)
- 3-year up to 5-year term with monthly payments – 100 basis points (1.00%)
- 5-year up to 7-year term with monthly payments – 150 basis points (1.50%)
- 7-year up to 10-year term with monthly payments – 200 basis points (2.00%)
- 10-year up to 15-year term with monthly payments – 250 basis points (2.50%)
- 15-year to 20-year term with monthly payments – 300 basis points (3.00%)
- Any intermediate term amortization will be at the next tier higher interest rate
- If amortization other than monthly, the MT SSBCI 2.0 LPP Interest Rate will be increased by 50 basis points (0.50%)
- Lender service fee cannot exceed 50 basis points (0.50%)
- The servicing CDFI/RLF will be assessed an annualized 25 basis points (0.25%) service fee by MT SSBCI 2.0 LPP. The fee will be assessed on the calendar quarter on the balances of all outstanding loans.
| Total SSBCI Funds Available: |
$24,922,660.37
|
| 3rd Tranche Funds Obligated: |
$24,753,967.30
|
| Remaining Funds Available: |
$168,693.07
|
The following are approved Participating Lenders (CDFI/RLFs):
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
Participating Lender (CDFI/RLF) Required Forms:
- CDFI/RLF Sex Offender Certification
- 204 EFT Form
- W-9 Form
- CDFI\RLF Conflict of Interest and Use of Proceeds Form
- MT SSBCI 2.0 CDFI-RLF Loan Servicing Agreement
Primary Lender Required Forms:
- Privacy Act and Notice and Demographic- Related Data Collection Form
- Lender Use of Proceeds and Conflict of Interest Certification
- Lender Sex Offender Certification
- MT SSBCI 2.0 Lender Loan Servicing Agreement
Borrower Required Forms:
- Borrower Use of Proceeds and Conflict of Interest Certification
- Borrower Sex Offender Certification
- Borrower Certification Related to SEDI-Owned Businesses
Guarantor Required Forms:
- Guarantor Use of Proceeds and Conflict of Interest Certification
- Guarantor Sex Offender Certification
Treasury SSBCI Reference Documents:
- Treasury SSBCI Policy Guidelines (Updated 12.4.23)
- Treasury SSBCI FAQs (Updated 12.4.23)
MONTANA SSBCI REFERENCE DOCUMENTS
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
Contact Us |
Montana Relay 711
