Governor Brian Schweitzer and Senator Jon Tester today announced that Montana's Office of Economic Development was selected by the U.S. Department of Treasury to participate in their State Small Business Credit Initiative (SSBCI) making Montana eligible to receive $13,168,350 via transfer under the SSBCI.
In order to receive the proceeds of the transfer, the State of Montana must enter into an Allocation Agreement with Treasury and provide a 10-1 match in turn making more than $100 million available to Montana small businesses. Closing documents are expected to be completed in about 3 weeks making the money available later in July. The Office of Economic Development, State Department of Commerce and Board of Investments will be working with local economic development revolving loan funds.
"This puts more than $100 million on Montana Main Streets through our small businesses," said Governor Schweitzer. "That is good news for our Montana economy and small businesses."
The funding was made possible through the Small Business Jobs Act of 2010, which Senator Jon Tester helped pass in Congress as a member of the Senate Banking Committee. The legislation created the State Small Business Credit Initiative to strengthen state programs that support lending to small businesses and small manufacturers.
"This is an important resource that will go a long way to strengthen Montana's economy and create jobs by empowering our small businesses," Tester said. "I'm pleased to have secured this important opportunity for Montana with Governor Schweitzer and I look forward to seeing it go to work rebuilding Montana's economy."