The Bootstrap Montana Loan Program is designed to provide funds for initiatives that will have a rapid and positive impact on sales or the competitiveness of the company. Such uses of funds might be:
- Funds to supplement the salary of a new high potential salesperson
- Funds to attend a trade show at which orders will be taken
- Funds to purchase key prospect lists
- Applicants should look at these dollars as 'sales acceleration funding' or a way to capitalize on a sales or market opportunity that requires quick but limited financial investment.
Companies applying for funds under this loan program must meet the following criteria:
- Company must be incorporated as either a C-Corporation, S-Corporation or Limited Liability Corporation
- Company must be headquartered in Montana with more than 50% of the employees located within Montana
- Company must show revenue from its primary line of business in the past year
- Company must provide a letter of recommendation from someone in the local community, preferably the company’s banker, legal counsel or CPA
- 51% of the ownership of the company must be in the hands of legal US citizens
- Applicant must be a Senior Company Official, be at least 18 years of age and have been a resident of Montana for the past 3 years.
- Company or Applicant must not have a history of bankruptcy
Preference will be given to companies meeting the following criteria:
- Companies located in most rural areas of Montana
- Companies selling their products or services primarily outside of Montana (and thus bringing net new money into the state)
In late 2007, TechRanch partnered with the Gianforte Family Charitable Trust to create the Bootstrap Montana Loan Program. This program is currently deploying $90,000 in micro-loans throughout Montana. Bootstrap Montana is the first program of its kind to spur economic growth in Montana's under-served rural communities. The loans ranging from $5,000 to $20,000 are at 0% interest and are designed to assist rural Montana companies in accelerating revenue growth. Loans will be available in 2008 until the funds are fully deployed.
Interested parties can find out more at www.bootstrapmontana.org.
TechRanch awarded the first Bootstrap Montana micro-loan to Kimberly Loftus, owner and sole employee of Kim Loftus Tile, Jefferson City, M.T. Her emerging hand-made tile business has reached a critical point at which expansion could be the key to its success. Loftus feels she currently has the capability to make larger quantities of tile, but lacks the exposure needed to facilitate these additional sales. By receiving the loan, she was able to alleviate this problem by gaining rapid publicity at the nation’s largest floor covering tradeshow, SURFACES, in early 2008. By attending this event in Las Vegas, N.V., Kim was given the opportunity to display her product to over 40,000 retailers, architects, designers, builders, installers and distributors from around the world.
TechRanch most recently awarded the second Bootstrap Montana micro-loan to Sunrise Pack Station (SPS), owned by Shane McClaflin, of Belgrade, M.T. With the company of a cook, a wrangler and a part time fishing guide, Shane guides 3-5 day educational and fishing pack trips through the back country of Yellowstone National Park. Business aspects of SPS are administered by Shane's wife, Sarah. SPS has reached a threshold where they can really accelerate their business growth by booking more trips and creating a larger customer base. The funds provided by Bootstrap Montana allowed Sunrise Pack Station to generate more widespread interest in their back country trips by attending the International Sportsman Expo (ISE) in early January 2008. SPS hopes their presence at ISE will help them book new guests as well as build awareness of their company.