Glacier Bancorp (GBCI) has helped provide Montana businesses and projects with over $48 million in capital, more than any other commercial lender in the state. To recognize this partnership, we recently presented them with an award for 2017 Montana Lending Institution of the Year. Among the clients supported in 2017 are the Missoula Food Bank, a Bozeman motel and an artisanal cheesemaker in Sheridan.
“Helping businesses and people access responsible, flexible capital is a vital part of our mission, and GBCI’s lenders play a key role,” said Dave Glaser, President of Montana & Idaho CDC. “When GBCI commercial lenders see customers who can benefit from special financing programs, they go the extra mile to refer them to us. And when they see a catalytic development project that will create jobs and stimulate Montana’s economy, but has a gap in funding, they pick up the phone and call about our New Markets Tax Credit Program. They have been an invaluable partner to us, time and again demonstrating their commitment to helping Montana businesses thrive.”
GBCI focuses on serving their customers and the communities they do business with. “We are thrilled to partner with and to send referrals to Montana & Idaho CDC,” said Ron Copher, GBCI’s Chief Financial Officer. “They have a great group of talented individuals and we trust that they will treat our customers with professionalism and care.”
GBCI’s Montana divisions partnered with Montana & Idaho CDC on several New Markets Tax Credit projects last year. Montana & Idaho CDC works with investors like GBCI to turn the tax credits into cash, and then uses that cash to fund businesses, nonprofits and real estate developments. Projects in 2017 included:
- Missoula Food Bank: First Security Bank of Missoula, a division of Glacier Bank, helped finance the construction of a new 22,699-sq-ft facility in Missoula, a project that increased its size, centralized operations, increased its ability to provide services on weekends, and created a welcoming, accessible space for people to access food.
- Helena Armory & Print Warehouse: Valley Bank of Helena, a division of Glacier Bank, helped finance the rehabilitation of two historic buildings to create over 119,000 square feet of professional office space in downtown Helena.
- RSVP Motel & Convention Center: First Security Bank in Bozeman, a division of Glacier Bank, helped finance the rehabilitation of a 1960s-era motel and retail store in Bozeman. The project is located in an area designed as a priority for development due to its location in the Downtown Bozeman Urban Renewal District.
Montana & Idaho CDC also provides consulting and financing to entrepreneurs and small-business owners who do not qualify for a bank loan, often because they are light on collateral or equity. In 2017, it provided loans to almost 100 nearly bankable businesses, with just over half of that amount going to startups. Among the many small businesses that GBCI referred to Montana & Idaho CDC in 2017 are:
- Summer Sun Garden & Brew – A garden and brewery supplies store in Missoula, Montana. (First Security Bank of Missoula)
- Beehive Homes of Hamilton – An assisted living facility in Hamilton, Montana. (First Security Bank of Missoula)
- Poor Orphan Creamery – An artisanal cheese maker based in Sheridan, Montana. (First Security Bank in Bozeman)
Glacier Bancorp is a bank holding company headquartered in Kalispell, Montana, with the following divisions: Glacier Bank in Kalispell, First Security Bank of Missoula, Valley Bank of Helena, First Security Bank in Bozeman, Western Security Bank in Billings, and First Bank of Montana in Lewistown.