Big Sky EDC Participates in State Small Business Credit Initiative: Opens Up New Loan Opportunities for Small Businesses

Working with Montana’s Office of Economic
Development, state Department of Commerce and Board of Investments, Big Sky
Economic Development is participating in the U.S. Department of Treasury State Small
Business Credit Initiative (SSBCI), making Montana eligible to receive $13,168,350 via
transfer under the SSBCI.

The program allows Big Sky Economic Development Corporation the ability to
partner with Montana lending institutions to provide loans for business purposes,
including but not limited to, working capital, business procurement, franchise fees,
equipment, inventory, as well as the purchase, construction renovation or tenant
improvements of an eligible place of business that is not of passive real estate purposes.

Under the program highlights, the State of Montana will be required to demonstrate a
minimum "bang for the buck" of $10 in new private lending for every $1 in federal SSBCI
funds advanced, making more than $100 million available to Montana small businesses.
Montana has received the first payment of $3.4 million. The Office of Economic
Development, State Department of Commerce and Board of Investments is working with
Big Sky Economic Development and 8 other local organizations across the state to find
projects and help complete applications.

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.

Big Sky EDC’s Business Finance Director, Brandon Berger, says the new dollars
help Montana two-fold. "Not only is this program great for small businesses, it’s great for
Montana as our organization’s loan fund receives the principal of the loan upon payback
which allows us to reinvest that money into assisting more local businesses."
For more information on the SSBCI Program, contact Brandon Berger or Mac
Ketterling at Big Sky Economic Development at 406.256.6871 or visit their website at
http://www.bigsky504.com.

Big Sky Economic Development is a public-private partnership made up of two
separate organizations. Big Sky Economic Development Authority (EDA), the public
agency, evolved from the Montana TradePort Authority, launched in 1989, by the
Yellowstone County Board of Commissioners and is tasked with the facilitating the
development of business that supports our community and quality of life. Big Sky
Economic Development Corporation (EDC), the private business side, was started in
2002. The EDC’s mission is to recruit primary sector businesses and retain and expand
existing Yellowstone County business that supports our community and quality of life.

One hundred of the county’s top businesses are member-investor partners in the EDC
involved in recruitment, retention, legislative issues and finance. For more information on
Big Sky Economic Development, visit http://www.bigskyeconomicdevelopment.org.