The program objective is to assist in building the local economy by providing assistance to small businesses and by loaning money to qualified start-up and established businesses within Sanders County. SCCDC does not view itself as a primary lender or as a competitor with private lending institutions. It does however, view itself as a supplemental source of funds to help businesses grow and ultimately become viable and stable bank clients. Applicants must be able to demonstrate that they have spoken with a bank, Tribal credit source or other similar institution regarding their loan proposal prior to approaching SCCDC.
Eligible businesses must be located in Sanders County including the Flathead Indian Reservation, that are able to demonstrate the potential for job creation, retention, or expansion of job opportunities for area residents.
Loans typically fall into the following two categories:
1. STANDARD – Business Development/Retention/Expansion
Standard loans are designed to assist businesses create or retain jobs and provide additional long-term employment opportunities for area residents. Loans may be used for:
- Acquiring, constructing, rehabilitating, or installing commercial facilities
- Expansion or modernization through the purchase of equipment
- Purchasing Inventory necessary to sustain or expand a business
- Employee training when such training will result in increased production and provide opportunities for low/moderate income persons to advance themselves
2. MICRO-LOAN – Business Revitalization
Business revitalization loans, typically in amounts up to $10,000 are intended to assist in the revitalization or rehabilitation of existing businesses to stimulate consumer attention, increase sales, retain existing employment and potentially develop new employment opportunities. Applicant eligibility will be assessed based on the following criteria:
a. Must own business, building, or are housing businesses located within Sanders County
b. Demonstrate that you are clearly entitled to make such improvements as owner or leaseholder
c. Demonstrate an ability to repay the loan
d. Assure funds will be used only for the improvements as approved by the loan review committee
e. Demonstrate commitment to overall business area revitalization efforts and conformance with established community plans
f. Demonstrate willingness to acquiring building and signage design assistance if required
g. Demonstrate requested capital is sufficient to complete the project upon approval
h. Provide other information as deemed applicable by the RLF Committee at their sole discretion
Potential uses of Micro-loans include: The development of new marketing material, purchase of equipment, training for business staff, launch activity required to break into a new market, signage, updated façade/store-front, landscaping and contracted services, labor, installation and design services.