The U.S. Small Business Administration’s Community Advantage Pilot Loan Program is now available in Montana.
The SBA has announced that Montana Community Development Corporation (MCDC) of Missoula is the first Montana lender approved to take part in the program which is designed to expand access to capital for small businesses and entrepreneurs in underserved communities. MCDC is one of only 22 Community Advantage lenders approved nationally.
MCDC will be able to begin accepting applications immediately. The Community Advantage Program offers a streamlined application process for SBA 7(a) loans up to $250,000 through mission focused financial institutions, including Community Development Financial Institutions, Certified Development Companies and non-profit micro-lending intermediaries.
Community Advantage leverages the experience these institutions already have in lending in economically challenged markets, along with their management and technical assistance expertise to help make their borrowers successful.
“Working with these community-based, mission-focused lenders will greatly enhance our ability to bring much needed financial resources to small businesses in underserved communities, which include minority, women and veteran-owned, as well as rural businesses,” said Joe McClure SBA Montana district director. “These businesses are among the hardest hit by the recent economic downturn and helping them recover, expand and create jobs will strengthen both their local economy and our nation as a whole.”
SBA began accepting applications from lenders in February, and MCDC is currently the only Montana lender approved by SBA.
Expanding opportunities for entrepreneurs and small business owners in underserved communities is core to SBA’s mission. As a result, all of SBA’s programs are having an impact in underserved communities. In addition to the Community Advantage pilot program, in December SBA announced the new Small Loan Advantage, which is open to the agency’s existing Preferred Lenders.
Both Community Advantage and Small Loan Advantage offer a streamlined application process for SBA-guaranteed 7(a) loans up to $250,000. Advantage loans will come with the regular 7(a) government guarantee, 85% for loans up to $150,000 and 75% for those greater than $150,000.
To contact Montana Community Development Corporation regarding this new loan program, call 406-728-9234.
Reader Comments(0)