Wednesday, May 31, 2017

New loan fund for small businesses established

The Montana & Idaho Community Development Corp. and Capital Matrix have established a new loan fund to provide financing to “nearly bankable” small businesses in Idaho. The fund will allow Montana & Idaho CDC to further increase its lending to startups and existing businesses that cannot access all or part of the financing they need from a bank.

Capital Matrix, a private, non-profit corporation licensed and regulated by the U.S. Small Business Administration to administer the SBA 504 loan program, has partnered with Montana & Idaho CDC since it began lending in Idaho five years ago. The establishment of the new loan fund furthers Montana & Idaho CDC’s support of small business and economic development in the state. As loans originated from the fund are repaid, those proceeds will be recycled and go back into the fund to be loaned out to new eligible borrowers.

Montana & Idaho CDC specializes in providing loans for business startups, business purchases and existing businesses that are light on collateral or cash flow. In 2016, 52 percent of its small-business loans, amounting to $5.1 million, went to entrepreneurs and small-business owners in Idaho. Loans range from $1,000 to $2 million and can be used for purposes such as purchase of real estate, equipment, inventory or an existing business, or for remodeling or working capital. Loan clients also receive one-on-one technical assistance in financial management, marketing, sales management and other area of business management.

For more information about the new loan fund or to apply for a loan, contact Mike Trueba at 844-728-9234 ext. 240 or miket@mtcdc.org.

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