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Small Business Loans in Montana (2021 Update)
The process of securing a small business loan in Montana is fast and easy. The state has put in measures that ensure there is easy access to small business loans by entrepreneurs and business owners. Several lending firms in Montana offer reasonable loans. Most entrepreneurs commonly lack the start-up financing to turn their ideas into reality. Many have been able to secure such loans and started their businesses through the help of small business loans in Montana. Small business loans can also be used for business expansion and invention of a new product by business owners.
Business owners in Montana can now access many business loans through the Direct Business Lending. This is the right place to go if you have a business located in Montana and you are in need of a small business loan. The Direct Business Lending is committed to Montana businesses and has assisted many in accomplishing the financing that they require to either grow or start their business. The Direct Business Lending has qualified staffs who understand that every customer is different with a unique situation. They offer you customized loan services that will ensure you get the right financing for your business.
The following are some of the small business loans offered in Montana:
- Poor Credit Business Loans
- Startup Funding
- SBA Loans
- Unsecured Business Lines of Credit
- Business Loans for Women
The women and the youth in Montana are eligible for small business plans as long as they have a working business or a good business plan. Entrepreneurs and small business owners should have a good business plan that shows the business they wish to venture in is workable for them to qualify for a small business loan in Montana. People are usually advised to consult with business planning experts or firms who will help them come up with an excellent business plan. It is vital that you look for the lending companies in Montana that will offer you the best business loan for your business.
A good small business loan should have a fixed rate of interest with a grace period of payment. This gives the business time to kick off and start making money before the owner starts repaying the loan. The State of Montana has made laws that cut across all lending institutions that ensure such lenders do not charge high interest rates to business owners and potential entrepreneurs. SBA loans have the best terms and lowest interest rates compared with all other types of loans. The SBA also provides assistance and traditional advice via their Montana offices. These centers offer resources and training for running a business in the State of Montana.
Banks in Montana That Offer Small Business Loans
Below are the six banks most highly rated in Montana for small business loans:
Basin State Bank
Based in Stanford, Montana, Basin State Bank is a full-service bank that offers all the usual bank offerings. In 2013, it has loaned small businesses a total of $20 million.
First Montana Bank
Founded in 1913 in Missoula, Montana, the First Montana Bank is known for its lending services, both to individuals and to businesses.
The Yellowstone Bank
Based in Laurel, Montana, The Yellowstone Bank is a subsidiary of Yellowstone Holding Co. Small businesses were able to borrow a sum of $1.17 billion in 2013 from them.
First Valley Bank
First Valley Bank was founded in 1985 in Seeley Lake, Montana. However, it has since been acquired by Citizens Alliance Bank on 26 April 2014.
Bank of Bridger National Association
Founded in 1906 in Bridger, Montana, the Bank of Bridger National Association operates in both Montana and Wyoming. Its current Chairman and CEO is Mr. Leon E. Langemeier.
Mountain West Bank
Mountain West Bank was founded in 1991 and loaned small businesses in the area a total of $1.43 billion in 2013.
You can find financing for your business through the small business loans in Montana if you have a business in Montana or plan to start one.
Top Cities in Montana and Their Lenders
Montana is one of the most rural states in the country – the area is sparsely populated. Much of the state has retained its natural beauty. You won’t find too many places ruined by modern architecture or technology. If you’re looking to start a small business, you’ll want to do so in a place that has enough population to help you grow your company. There are only a few cities in the Montana region that have the capacity to help you start a decent business.
In this article, we’ll explore each of these cities in further detail to help you determine which city is best for you. We’ll also provide you with some reviews of the top local business lenders in each city to help you better understand where you can obtain financing for your new small business.
As Billings is the largest city in Montana, it plays a crucial role in the local economy. The area is the major trade and transportation route for the state. As the city experiences a large amount of commerce, it’s often the best place to start a business in the state. Below are the top lenders in the Billings, Montana area:
Beartooth Bank is our top pick for the Billings, Montana region. This local bank has a firm understanding of how the local economy functions. They’re a great partner if you want to be able to meet face-to-face with your lender. They also provide other banking services for business owners or consumers if you’re interested.
Western Security Bank
Western Security Bank is another lender that has a large presence in the Billings, Montana region. They’re also a good choice if you want a lender with local experience. We suggest working with Western Security Bank if you need small business loans quickly – they can help you obtain quick working capital for your company.
Missoula is the second largest city in Montana. It has the most diverse economy out of all the major cities in the state. If you’re thinking of starting a business in retail, healthcare, financial services, or entertainment, this is a good place to consider. Our favorite lenders in the city for small business owners are listed below:
Missoula Federal Credit Union
Missoula Federal Credit Union is the business lender in Missoula with the most local experience. They’re by far the best choice if you’re looking to save money on financing – they offer their members great rates on a number of different types of business loans. If you want a local partner with a good reputation, this is our top pick.
Bank of Montana
Bank of Montana is a large, regional lender with plenty of lending power in the city Missoula. They have local branches that you can use to speak with a commercial lending specialist about your loans. They’re a great option if you’re looking to borrow a large sum of money. They can also provide you with business lines of credit and business bank accounts if this is something you’re interested in.
Great Falls, Montana
Great Falls, Montana is most notable for its Air Force base. The city caters to the large amount of US Army and US Air Force employees working in the area. Retail and hospitality are typical industries that new small business owners tend to enter in the area. Below is our top lender for the Great Falls area:
Montana Commercial Credit
Montana Commercial Credit is a small commercial lending facility that provides financing to companies throughout the state. They have a large presence in the Great Falls region. They’re especially good at helping their partners loan or purchase equipment for their small businesses.
Bozeman, Montana plays home to Montana State University. The local economy benefits from the college located in the city. The economy also benefits from tourism due to its proximity to many of the area’s best ski resorts. Our top Bozeman lender is provided below:
Bank of Bozeman
The best small business lender in the Bozeman area is by far the Bank of Bozeman. They have a deep understanding of the local economy which allows them to help their small business partners get the funding they need to run the most effective companies possible. They offer term loans, equipment loans, agriculture loans, and business lines of credit.
Butte is the energy capital of Montana. Mining used to play a major role in the local economy, but the energy industry is now the primary economic force in the city. If you’re like to start a business in the area, consider the lender listed below for all your business lending needs:
Southwest Montana CFCU
Southwest Montana CFCU is a federal credit union that offers great lending rates to the Butte region. They have pre-approval available for certain clients that can help you get the cash you need as quickly as possible. They’re one of the most affordable lenders in the state.
Remember, some of these companies or banks are very specialized and may only handle SBA loans or a business line of credit. Ask them about any special programs for minorities or women. Also ask for information about business grants for startups if that interest you. If you bad credit don't worry as there still may be other alternative lenders willing to work with you.