Areas Served: Lewis and Clark, Broadwater, and Meagher Counties
A micro business is defined as a company with annual gross revenues of $1 million or less and ten or fewer employees in the Montana counties of Lewis and Clark, Broadwater, and Meagher Counties.
Use of Proceeds: – Machinery and equipment – Inventory – Working capital – Debt consolidation Maximum Loan Amount: $100,000 Rates: 9% plus risk factors; risk factors based on credit, collateral coverage, financial position, personal investment, and management ability Rate is fixed for life of loan 2% closing fee plus all costs of filing and/or recording Terms: All loans have a second or third year balloon payment.
Amortizations are as follows 5 to 7 years for machinery and equipment 3 to 5 years for inventory, working capital or consolidation In some cases loans can go up to a ten year amortization depending on the type of asset being financed Collateral Requirements: Collateral coverage of 1.25:1 on a discounted basis for existing assets Purchase money security on assets acquired with loan proceeds Personal guaranty Other: Minimum 5% equity investment from borrower
Contact InformationMontana Business Assistance Connection
Address: 225 Cruse Avenue
City: Helena
State: Montana
Website:
http://www.mbac.biz/Loan_Programs.php
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