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Malta Public Schools
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Phillips County REVOLVING LOAN FUND – exceeds $600,000
Through PhillCo’s initial grant application to the Montana CDBG Economic Development Program, Phillips County was successful in obtaining grant funds in the amount of $125,000. A second application coordinated through Bear Paw Development to the Economic Development Administration (EDA) was also successful in the amount $300,000. The County made local match for EDA funds in the amount of $200,000 from the Metal Mines Reserve.
These funds are lent to county businesses that either create or in certain cases, retain Phillips County jobs. As loan funds are paid back, new loans are made, the essence of a "revolving loan fund". Contact PhillCo or Bear Paw Development for the application process.
Requirements
The District’s loan fund will only provide financing that is otherwise not available. Priority for loan assistance will be given to projects that create basic employment, existing businesses that are expanding, and businesses that show a clear need for gap financing. Businesses receiving more than fifty percent of their gross sales from gaming, or using multi-level marketing strategies are not eligible for assistance.Application Process
All loan applications must include the following information:
Loan Application Business Financial Statements Business Plan Projected Monthly Cash Flow Personal Financial Statements Business and Personal Tax Returns Additional information may be requested, depending on the project.
MICROBUSINESS LOAN FUND
Loans to small businesses can be made in the amount up to $35,000 and are available from Bear Paw Development. Philco serves as a local contact.
Requirements
A “microbusiness” is any business with fewer than ten full-time employees and earns less than $500,000 in gross annual revenue. The maximum loan amount is $35,000, and the loan term, which is based on the u.Application Process
All loan applications must include the following information:
Loan Application Business Financial Statements Business Plan Projected Monthly Cash Flow Personal Financial Statements Business and Personal Tax Returns Additional information may be requested, depending on the project.
INDIVIDUAL AND BUSINESS TECHNICAL ASSISTANCE:
PhillCo maintains a small resource library on business startup and available funding. Anne Booth has successfully completed the Economic Development Financing courses offered by the National Development Council and is a certified NxLeveL instructor. In addition to one on one assistance provided by Anne, Tracey Jette of the Small Business Development Center can meet individually with persons interested in business startup, marketing, finance and planning. Appointments are available in Malta on a monthly basis through PhillCo.
PhillCo continues to coordinate group training such as NxLeveL and other business educational programs.
Over 1200 County Residents have participated in education or training programs made available through PhillCo. These include Farm & Ranch Workshops, Internet Training, NxLeveL for Entrepreneurs, Seeds for Success, Getting Down to Business, Ready for Change, Marketing Yourself, Housing workshops and more. GRANTS
Pending grant and loan applications in cooperation with Bear Paw Development include:
- Whitewater Water & Sewer District
– funding package totaling $1,062,000 for a new wastewater system for community of Whitewater.- Zortman Water & Sewer District
– funding package totaling $638,300 for a new water distribution system in the community of Zortman.- Phillips County Hospital Association
– funding package totaling $3,244,000