New program launches to help Montana businesses
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News from the Office of the Governor
HELENA — Governor Greg Gianforte announced that Montana entrepreneurs have a new tool to grow their businesses. Approved by the governor in December, the Montana Down Payment Assistance Program is a public-private partnership between the State of Montana and Montana’s banks, credit unions, and economic development agencies.
“Montana entrepreneurs and job creators now have another tool in their toolbox to invest and grow their business, create more good-paying jobs, and meet increasing consumer demands,” Gov. Gianforte said. “I appreciate the private sector leaders who are partnering with the state in this first of its kind program.”
The Montana Down Payment Assistance Program will help finance the acquisition of equipment, purchase of real estate or buildings with improvements, and new construction for existing Montana businesses. Loans have a low fixed interest rate for ten years and range in size from $250,000 to $3,000,000.
The Governor’s Office of Budget and Program Planning and the Montana Board of Investments developed the program and presented the proposal to the ARPA Economic Transformation and Stabilization and Workforce Development Advisory Commission in December. With the commission’s unanimous, bipartisan recommendation, Gov. Gianforte allocated $37 million for the program to the Montana Board of Investments.
“This program is a first of its kind partnership between Montana lenders and leaders. By working together in this unprecedented way, limited one-time resources can be leveraged to help businesses grow and prosper long into the future,” said Budget Director Ryan Osmundson, who helped develop the program.
