Bullock Announces Montana Working Capital Loan Program
At a press conference in Helena on Thursday, Governor Steve Bullock announced the creation of a the new Montana Working Capital Loan Program, that will build off the Montana Loan Deferment Program to help businesses stay afloat during the pandemic.
“The Montana working capital program will allow Montana businesses to take out a new loan to be used for payroll, employee benefits, lease or rent, inventory, utilities and insurance,” said Bullock. “It will utilize the unused portion of the hundred 25 million allocated to the loan deferment program to fund this working capital program. New borrowers can work through an approved lender to take out a loan within 35% of that that loan granted through Coronavirus relief funds.”
The new working capital program will be run by the board of investments in partnership with Montana banks and credit unions will begin accepting loan applications next Tuesday.
Bullock said the loan program will begin next week.
“Like the loan deferment program, the new working capital program will be run by the board of investments in partnership with Montana banks and credit unions will begin accepting loan applications next Tuesday,” he said. “I want to, in addition to the efforts of the Board of Investments, I really want to underscore that I appreciate the assistance and efforts of our banks and credit unions across the state and being a partner and getting this money out to businesses that need it.”
In addition, Bullock reminded renters that funds are still available to help with making their rent payments.
“In May, I had allocated $50 million in Coronavirus Relief dollars for emergency housing assistance to make sure that Montanans were able to stay in their homes and encourage any Montanan who's lost income because of COVID to learn more and apply to that program, which could cover up to about 75% of your rent or mortgage each month.”
Bullock said the extra help does not relieve the individual from paying their rent.