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Micro Loan Program
Summary:
Small businesses often need access to working capital or equipment to stay in operation, finish a job, or
achieve profitability. The micro-loan program is designed to provide modest short-term financing for those
businesses that just need a little extra help. Micro loans aim to be applied for and decided upon quickly so we
can put the funds to work fast.
Microloans
• Micro-Loans will be $5,000 to $25,000, for a 5-year term.
• Interest rate: 7.5%. (2% closing fee, minimum $250)
• No Collateral is required, but it is desirable.
• A personal guarantee and blanket lien will be required.
• Loans will require direct ACH payments from a bank.
• No pre-payment fees.
Eligibility
• Physical location and operation in Gallatin County
• The business has been in operation with at least 12 months of revenues.
• ACTIVE registration with the Montana Secretary of State and is in good standing with local and state
government agencies. Sole proprietors are eligible.
The Application: Pass the pre-application requirements, then
1. Compete and sign the micro-loan application (and provide these attachments)
a. Personal financial statement
b. Business financial statements
2. Most recent tax return (all schedules) for personal and business.
3. Narrative explanation for how you will use microloan funds for the business
4. A credit report (pulled by Prospera)
Information:
For details contact Prospera Business Network
(406) 587-3113