The Western States Caterpillar expansion in south Pocatello was one project that that was helped with financing from the newly renamed Montana & Idaho CDC. (Photo courtesy of Western States Caterpillar)
BOISE – The Montana & Idaho Community Development Corporation 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, nonprofit 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.
“Since launching our small-business loan program for ‘nearly bankable’ businesses in Idaho in 2015, we’ve helped numerous entrepreneurs start or expand their business, including several right here in Boise – Zeppole Baking Co., Flowers at Will, Telaya Wine Co., Richard’s Restaurant and Garry’s Automotive, to name just a few,” Glaser said. “With this new loan fund from Capital Matrix, we’ll expand our ability to lend to even more small businesses in Idaho.”
“We’re excited to partner with Montana & Idaho CDC to help increase the flow of capital to Idaho businesses, which play an important part in creating vibrant economies,” said Munroe. “In addition, this initiative aligns with our organizational charter to promote local economic development in Idaho.”
Montana & Idaho CDC specializes in providing loans for business startups, business purchases and existing businesses that are light on collateral or cash flow. Loans range from $1,000 to $2,000,000 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. In 2016, 52% of Montana & Idaho CDC’s small-business loans, amounting to $5.1 million, went to entrepreneurs and small-business owners in Idaho.
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.com, or visit http://mtcdc.org/.
About Montana & Idaho Community Development Corporation
The Montana & Idaho Community Development Corporation provides consulting services and financing to entrepreneurs and small business owners across Montana and Idaho, as well as affordable housing solutions in Montana. Montana & Idaho CDC was one of the first Community Development Financial Institutions in the country to be certified by the U.S. Treasury, and its powerful New Markets Tax Credit Program brought hundreds of millions of dollars to Montana and Idaho and created thousands of jobs. Since its start in 1986, the nonprofit Montana & Idaho CDC has grown to over $400 million in loans under management, with offices in Boise, Missoula and Bozeman. Learn more at http://mtcdc.org/.
About Capital Matrix
Capital Matrix is a private, nonprofit corporation licensed and regulated by the U.S. Small Business Administration to administer the SBA 504 loan program. Capital Matrix was created in 1983 through the initiative of the City of Boise, the Boise Chamber of Commerce and a group of local business owners. They recognized the importance of supporting the growth of small businesses and the benefits the 504 loan program would bring to those businesses and to the economy of the region. Capital Matrix serves businesses in Idaho, eastern Oregon and eastern Washington, and since its inception has assisted over 1,000 companies.
