Programs and Applications - Montana Board of Investments

Fixed-rate financing up to 25 years.
Job creation credits may reduce BOI interest rate up to 2.50%.
BOI does not lend directly to businesses.
Only Approved Lenders may submit loan reservation and loan application forms.
Maximum BOI participation is 80% of lender loan if the loan-to-value is 75% or less.
BOI completes a full underwriting credit review.
Government guaranteed loans - Fixed rate financing up to 30 years with limited underwriting credit review.

Approved Lender completes and submits the loan reservation form.
Reservation fee is 0.25% of the BOI participated amount.
Submission of reservation form and payment of fee locks an interest rate and reserves funds for one year.
Interest rate is locked as the date on the reservation form is received by BOI.
Reservation fee will be withdrawn from the Approved Lender's authorized account via ACH.

Loans to local government for infrastructure improvement used by basic sector businesses.
Business for which infrastructure is provided must create at least 15 full-time jobs.
Loan sized at number of new qualifying jobs created times $16,666. Minimum loan size is $250,000.
Business pays local government use fee, which is assigned to BOI for loan repayment.
Use fee can be credited against Montana income taxes paid by business, 17-6-316, MCA.
Full underwriting credit review.
Total amount allocated for this program is $80 million.

Down Payment Assistance Program-Round 4

Minimum BOI loan is $100,000 and maximum loan is $3,000,000.
BOI will provide a fixed rate loan equal to the current INTERCAP rate at the time of reservation on a maximum of 35% of the loan to value and will be in a junior lien on the collateral.
BOI loan repayments do not begin until January 2027.
The Lender will provide a minimum of 60% of the loan to value and will be in a senior lien on the collateral.
Business must provide at least 5% of the loan to value.
Please see the Terms and Conditions and Continuing Guidance for additional details.

Approved Lender completes and submits the loan reservation form.
Reservation fee is 0.25% of the BOI participated amount.
Interest rate is locked as the date on the reservation form is received by BOI.
Reservation fee will be taken from the Approved Lender's authorized account via ACH.
Department of Revenue reviews entity and owners.
BOI sends the lender a confirmation of the reservation specifying the funding date, amount, and the expiration date of the reservation.
Lender opens interest-bearing account and BOI will fund reservation amount by December 31, 2024.
The reservation fee will be refunded if the loan is funded or denied by the BOI, whichever comes first. Withdrawn or expired reservations will not be refunded.

The Reservation process has been closed.

Approved Lender completes and submits the Application form.
Applications must be received by June 30, 2025, or the reservation will be considered withdrawn, and the reservation fee will not be refunded.
BOI will complete a credit review.

Loans made to local economic development organizations.
Maximum loan size is $500,000.
Applicant must use the BOI Intermediary Relending Loan Program loan as matching funds toward other government revolving loan funds.
Interest rate of 2% for 30 year term.
Interest only for the first three years, then principal and interest for the remaining 27 years.
Full underwriting credit review.
Total amount allocated for the program is $10 million.
Application is made by letter to BOI accompanied with:
- The government revolving loan fund application
- 3 years audited financial statements
- Interim balance sheet and income statement
- Detailed aging of loan portfolio