How to Apply
Step 1: Pre-Application Inquiry
Call our office at 406.728.9234. When you talk to a Montana & Idaho CDC staff member regarding your financing needs we will ask you how much you want to borrow, the purpose of the loan, and a few personal and business financial questions.
Step 2: Discuss Your Project with a Lending Specialist
If the pre-application inquiry shows that your business would be a candidate for our lending services, someone from our lending team will call you to discuss the project and loan structure in more detail. We may ask additional questions regarding cosigners, business owners, collateral, credit, and equity.
Step 3: Online Application
If the credit analyst determines the business is ready to apply, you will be asked to complete our online application, which can be accessed by clicking the “Apply Online” button below. This application and payment of a $100 fee are required to move forward in our lending process. Once the online application has been completed, you will be contacted by one of Montana & Idaho CDC’s loan officers regarding your ability to move forward to the full application.
Step 4: Submit Additional Loan Review Materials
One of Montana & Idaho CDC’s loan officers will ask you to submit a package of materials that includes a paper application, business plan summary, 24 months of cash flow projections, a personal financial statement, historical business and personal taxes, business entity documents, collateral information and miscellaneous signed documents, and any other relevant information.
Step 5: Underwriting and Final Review
Once all the requested materials are provided to the loan officer, they will analyze the financials, business assumptions, marketing plan, operations, the industry, competition, and examine other critical risks and the mitigating factors. The loan officer may have several questions for the client(s) at this step and may ask for additional meetings to discuss the feasibility of the sales and expenses or other business assumptions. The size of the loan determines the final review process, which may involve the loan officer, a committee of Montana & Idaho CDC staff members, or an external review board made up of area bankers and business owners to determine if the loan is approved.
Step 6: Close Loan
If the loan is approved in the final review process, the loan officer will work with you to obtain all the necessary documentation to close the loan and disperse the funds. All approved contingencies must be met and proper documentation provided to Montana & Idaho CDC before the closing will take place. This can vary for each business and loan structure.
Dollars into Difference
Big Impacts for Small Businesses
Owner of Nova Cafe, Serena Rundberg poses with staff members.+