HELENA – Governor Steve Bullock today announced the certification and funding of the statewide Native American Development Corporation (NADC) in Billings with $420,000 to help native owned businesses grow, expand, and create more jobs on reservations and in Native communities.
“Access to capital is a critical tool for business success and economic growth,” said Governor Bullock. “I’m pleased to partner with NADC help open up additional financing for Native American owners to expand their businesses and create more jobs on reservations and in Native communities across the state.”
NADC will use the funds to provide specialized services to constituents within the seven Indian reservations in Montana. NADC will offer loans to startup and existing microbusinesses with fewer than 10 full-time equivalent employees and gross annual revenues of less than $1 million. Eligible businesses may apply for loans up to $100,000 for working capital, startup operating costs and equipment. NADC will also provide training and technical assistance to qualified microbusinesses.
The MicroBusiness Finance Program was created in 1991 to provide capital for state-certified MicroBusiness Development Corporations to loan to sound and feasible microbusinesses across Montana. The Montana Department of Commerce partners with several regional and now one statewide economic development organizations to provide this service. To date, these organizations have made more than 1,120 loans, totaling more than $24.8 million, which has created or retained more than 2,600 jobs.
For more information about the MicroBusiness Finance Program, visit www.mbfp.mt.gov.