Montana Indian Equity Fund Launches its Fourth Year of Grants for Indian Business Owners

 

(HELENA) – Governor Brian Schweitzer is encouraging enrolled members of Montana Tribes to apply for grants from the Montana Department of Commerce Montana Indian Equity Fund. Two enrolled members from every Montana Tribe are eligible to receive up to $7,000 each in grant funds to fund either a business startup or to grow their business.  Applications are now being accepted.  The closing date for application submission is November 2, 2009.

 

“The Montana Indian Equity Fund is helping to usher in economic change in Indian Country,” said Governor Brian Schweitzer. “This fund is an outlet to help Indian business owners achieve their goals and enhance their communities. The empowerment and success of each business owner will contribute to the improvement of the economy of the entire state.”

The Montana Indian Equity Fund is a state-funded program administered by the Montana Department of Commerce.  Funding is utilized from the Indian Country Economic Development program (ICED) via the recommendation of the State Tribal Economic Development Commission (STED) and the approval of the Director of Commerce.

 

This money can be used for a variety of activities such as the purchase of new equipment or the development of a new product line.  The fund requires a minimum of dollar to dollar match which may include collateral such as cash, in kind, or loan funds such as a tribal loan fund, a micro loan program, or a commercial lender.  Examples of in kind match may include inventory, supplies, equipment, tools or vehicles that are part of the activity of the business.  

 

“The Montana Indian Equity fund represents a solution for entrepreneurs who have a great idea and have done their homework, but need that final funding piece get them off the ground,” said Anthony Preite, Director of the Montana Department of Commerce. “The beauty of the Equity Fund is that it’s flexible enough to accommodate new and growing businesses and funds will be leveraged with other monies or investment to create the maximum benefit.”

 

Based upon a recommendation from the State Tribal Economic Development Commission, the Department of Commerce has made $119,000 in Indian Country Economic Development (ICED) monies available for the Fund. During the first three years of the program, the Montana Department of Commerce, working with the State Tribal Economic Development Commission, provided $245,000 to fund a total of 35 business owners. This funding was leveraged with over $1,279,968 in loans from the private sector.

 

For more information regarding the fund please contact Philip Belangie, Program Manager of the Montana Indian Equity Fund for the Montana Department of Commerce at pbelangie@mt.gov or (406) 721-3663.

 

View 2008 recipients

 

 

 

 

 

 

Search Our Site Loading