for Small Businesses
There are a wide range of loan programs to assist small businesses affected by COVID-19 from federal, state, and regional entities. We encourage businesses to first check with their local banks. Check back as this list will be updated regularly.
Small Business Administration
This loan program provides loan forgiveness for retaining employees by temporarily expanding the traditional SBA 7(a) loan program.
This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties.
Enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.
The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic.
Effective March 19, borrowers with USDA single-family housing Direct and Guaranteed loans are subject to a moratorium on foreclosure and eviction for a period of 60 days. This action applies to the initiation of foreclosures and evictions and to the completion of foreclosures and evictions in process.
Guaranteed Loan Program:
Guaranteed Loan borrowers who are in default or facing imminent default due to a documented hardship can have payments reduced or suspended by their lender for a period not to exceed 12 months delinquency.
Guaranteed Loan servicing questions should be directed to: email@example.com.
Direct Loan Program:
USDA has waived or relaxed certain parts of the application process for Single-Family Housing Direct Loans, including site assessments, and has extended the time period that certificates of eligibility are valid.
A Direct Loan borrower who is experiencing a reduction of income by more than 10 percent can request a Payment Assistance package to see if he/she is eligible for payment assistance or for more assistance than currently received.
Moratorium Assistance is available for Direct Loan borrowers experiencing medical bill expenses (not covered by insurance) or job loss because of COVID-19.
Direct Loan questions should be directed to USDA’s Customer Service Center at 800-414-1226 (7:00 a.m.-5:00 p.m. Eastern Time Monday-Friday) or https://www.rd.usda.gov/contact-us/loan-servicing.
Beginning immediately, through July 31, 2020, USDA Business and Industry Loan Guarantees (B&I) and Rural Energy for America Program (REAP) Guaranteed lenders may assist borrowers experiencing temporary cash flow issues by deferring payments for a period no longer than 120 days. The lender must notify The Agency in writing of any payment deferments.
The Federal Reserve has announced a $600 billion lending initiative designed for mid-sized businesses to ensure the easy flow of credit through the newly unveiled Main Street Lending program as part of a $2.3 trillion funding effort to minimize the financial impact of the coronavirus.
The Fed is offering four-year loans to companies employing up to 10,000 workers and with revenues of less than $2.5 billion per year. The terms of those loans will also permit principal and interest payments to be deferred for a year.
Montana Loan Programs
The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Montana businesses are now eligible to apply for up to $2 million in 30-year loans with an interest rate of 3.75 percent.
Regional Loan Programs
A loan of up to $5k to help Small Businesses in the Headwaters Region during the COVID-19 crisis. (Madison, Jefferson, Beaverhead, Butte-Silver Bow, Granite, Powell and Anaconda-Deer Lodge)