MCDC

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Dear Friends,

Montana CDC has two new tools to help small businesses in Montana. We were recently approved as an SBA 7(a) Community Advantage guaranteed lender and were included in a new U.S. Treasury Department program. With these new tools, Montana CDC can help more people build businesses and economic opportunities for themselves and their communities.

New Tools for Montana Small Businesses

Montana CDC Designated as SBA 7(a) Lender

As part of its Community Advantage Inititative, the SBA recently expanded its 7(a) loan guarantee program to include mission-focused financial institutions. Montana CDC has been designated as an approved lender. The new inititive is aimed at increasing access to capital in underserved populations through entities like Montana CDC, that have lending experience in economically-challenged markets and the technical assistance resources to help make borrowers successful.

Joseph McClure, SBA District Director for Montana welcomes Montana CDC's designation as a 7(a) lender. "This is a great opportunity to expand the 7(a) program to underserved communities in Montana." Montana CDC has recently completed its required training in the program and has its first 7(a) loans in underwriting.

Montana CDC to Participate in New Treasury Program

Last week the U.S. Department of Treasury announced that Montana CDC was one of 51 community development financial institutions (CDFI) nationwide and the only Montana CDFI to receive funding from the Small Business Lending Fund. Montana CDC received $585,000 in loan funds under the program which will help leverage up to six times that amount in additional capital to lend out to small businesses across the state.

The Small Business Lending Fund is part of Senator Baucus' Small Business Jobs Act of 2010. "Small businesses provide the lion's share of Montana jobs and truly are the engine of our economy. Montana Community Development Corporation has a great track record of supporting small businesses and this funding will go a long way in helping even more businesses create jobs and succeed," Baucus said. Montana CDC welcomes the additional financing tool and is pleased to put these loan dollars to work for Montana business owners right away.