New loan fund set to help small businesses in Idaho
The Montana & Idaho Community Development Corporation and Capital Matrix have established a new loan fund to provide financing to “nearly bankable” small businesses in Idaho.
The fund will allow Montana & Idaho CDC to further increase its lending to startups and existing businesses that cannot access all or part of the financing they need from a bank. Montana & Idaho CDC CEO and President Dave Glaser and Capital Matrix President Ann Munroe marked the establishment of the loan fund on Wednesday, May 31.
Capital Matrix, a private, nonprofit corporation licensed and regulated by the U.S. Small Business Administration to administer the SBA 504 loan program, has partnered with Montana & Idaho CDC since it began lending in Idaho five years ago. The establishment of the new loan fund furthers Montana & Idaho CDC’s support of small-business and economic development in the state. As loans originated from the fund are repaid, those proceeds will be recycled and go back into the fund to be loaned out to new eligible borrowers.
“Since launching our small-business loan program for ‘nearly bankable’ businesses in Idaho in 2015, we’ve helped numerous entrepreneurs start or expand their business, including several right here in Boise – Zeppole Baking Co., Flowers at Will, Telaya Wine Co., Richard’s Restaurant and Garry’s Automotive, to name just a few,” Glaser said. “With this new loan fund from Capital Matrix, we’ll expand our ability to lend to even more small businesses in Idaho.”
“We’re excited to partner with Montana & Idaho CDC to help increase the flow of capital to Idaho businesses, which play an important part in creating vibrant economies,” said Munroe. “In addition, this initiative aligns with our organizational charter to promote local economic development in Idaho.”
Montana & Idaho CDC specializes in providing loans for business startups, business purchases and existing businesses that are light on collateral or cash flow. Loans range from $1,000 to $2,000,000 and can be used for purposes such as purchase of real estate, equipment, inventory or an existing business, or for remodeling or working capital. Loan clients also receive one-on-one technical assistance in financial management, marketing, sales management and other area of business management.
For more information about the new loan fund or to apply for a loan, contact Mike Trueba at 844-728-9234 ext. 240 or miket@mtcdc.org, or visit http://mtcdc.org/.