Montana Indian Equity Fund

October 1, 2008

2009 Montana Indian Equity Fund

 

The Indian Equity Fund is a program of the Montana Department of Commerce utilizing funding from the Indian Country Economic Development Fund with the support of the State Tribal Economic Development Commission.  The Fund is designed to provide Native American entrepreneurs and business owners a grant of equity to leverage into a loan or other collateral to start or grow their business. The program is beginning its third year. 

 

The program was developed in 2007 with the support of the Governor's Office of Economic Development, First Interstate Bank, and members of the Montana Indian Business Alliance.  The program is entering its third year.In FY 2009, $119,000 will be divided among Montana's eight Indian communities. Each community is eligible for two grants of $7,000.  In addition, one grant is available for a recipient who lives at large in Montana, for example in Bozeman.   Applicants must be an enrolled member of a Montana Tribe.

 

Successful grantees have used their funds to expand a beauty salon, purchase buildings for health care clients and a home renovation center, purchase materials and equipment for Indian artists and a silk screening business.

 

The application acceptance period is October 1, 2008 – December 1, 2008.

 

The 2009 applications are now will be available here (116KB | PDF) )on the MIBA website.  If there are any questions regarding the equity fund please contact Philip Belangie, Montana Department of Commerce at (406) 721-3663 or at pbelangie@mt.gov.

 

June 23, 2008

A 2007 Indian Equity Fund recipient is currently featured in the Archives of Pediatrics & Adolescent Medicine on the front cover

 

Alaina's artwork shown here is entitled "Cheyenne Intimacy". Alaina Buffalo Spirit is a member of the Northern Cheyenne Tribe of Montana. This article will reach 25,000 Pediatricians thoughout the country. To see the full feature please click here.

 

June 05, 2008

About the Montana Indian Equity Fund

The Indian Equity Fund is a pilot project of the Montana Department of Commerce designed to provide Native American entrepreneurs and business owners a grant of equity to leverage into a loan or other collateral to start or grow their business. Developed with the support of the Governor's Office of Economic Development, First Interstate Bank, and members of the Montana Indian Business Alliance, the project is entering its third year. In 2007 and 2008, $63,000 was divided among Montana's eight Indian communities. In 2007, successful grantees used their funds to expand a beauty salon, purchase buildings for health care clients and a home renovation center, purchase materials and equipment for Indian artists and a silk screening business. Collectively, ten applicants in 2007 leveraged more than $550,000 in loans and collateral.  Review committees at the community level include a commercial banker, a member of the community and a member from a local development corporation.

 

It is anticipated that the Indian Equity Fund will receive a third round of funding for 2009.  More information will be available in late summer of 2008 regarding funding.  Once funding has been received, the 2009 applications will be available on the MIBA website.  If there are any questions regarding the equity fund please contact Philip Belangie, Montana Department of Commerce at (406) 721-3663 or at pbelangie@mt.gov.