Low-interest funding available for rural small businesses through the SSBCI 2.0 program

For rural businesses looking to expand, purchase equipment or launch their business, Eastern Plains Economic Development Corporation (EPEDC) would like to announce that the State of Montana has been awarded $60 million dollars in federal funds to assist small Montana businesses with expansion and job creation. The MT SSBCI Loan Participation program will be used to assist existing Montana businesses that need additional funds to stabilize, pivot, expand, or re-start their business and to assist new Montana businesses entering the market. The low-interest lending and financing funding is through Commerce’s Montana State Small Business Credit Initiative 2.0 Loan Participation Program (MT SSBCI 2.0 LPP) and administrated through qualifying economic development organizations like EPEDC.

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. For questions about SSBCI 2.0, please contact Beth Epley at eepley@epedc.com or 406-853-6471.