Areas Served: Statewide Montana
First-time borrowers who are unfamiliar with the financing process or those who have limited equity or collateral are able to access the Montana Community Development Corporation business loan program.
Montana CDC also fills the gap in financing available through traditional bank sources, making loans that create opportunity in Montana.
Details about the loan program: – Loan amounts range from $1,000 to $1,000,000. – Can be used for property and equipment; remodeling; inventory; working capital; or to purchase an existing business.
Typically, interest rates are 1 -2% higher than a bank.
Incentive rates for some rural, childcare, Native American, and other targeted business may be available.
- Flexible terms generally run 5-10 years.
- Loans are collateralized with available assets of the borrower.
- Fees include a 2% origination fee, $100 annual administration fee and closing costs.
Business development services are provided during the application and over the life of the loan.
Contact Information
Montana Community Development Corporation
Address: 110 E. Broadway, 2nd Floor
City: Missoula
State: Montana
Website:
https://www.mofi.org/
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