MONTANA – Governor Steve Bullock today announced the Montana State Small Business Credit Initiative (SSBCI) has concluded with $12.3 million in federal funds loaned to small businesses across the state, which has created and retained more than 1,250 jobs and sparked an additional $111 million investment in Montana’s economy.
“Access to funding is key to the success of Main Street businesses,” said Governor Bullock. “Montana’s economy is stronger because our business owners and entrepreneurs have leveraged opportunities to make smart investments to help grow business and create jobs.”
The Montana SSBCI was a limited-time program offered by the U.S. Department of the Treasury and administered in Montana through a partnership between the Governor’s Office of Economic Development and the Department of Commerce in conjunction with its regional community and economic development partners.
Created by the Small Business Jobs Act of 2010, the SSBCI was developed in response to the aftermath of the Great Recession, in which small businesses across the country seeking to expand or stabilize had trouble obtaining loans directly from banks.
In Montana, the program awarded 51 loans over the six-year life of the program, which began in August of 2011 and ended in March 2017. Those loans went to businesses representing a diverse variety of industries in 17 communities.
As loans are repaid, the funds will return to regional development organizations to be re-lent to other businesses, generating additional economic impact.