|At a glance —Montana may be considered to be the best state for small business loans. There are various organizations in Montana that provide different loan options for small businesses. The loans can come in the form of grants, small business loans, and more. The process of applying for Montana small business loans is pretty straightforward. Small startup owners can request a loan from banks, government, private lenders, online lenders, and more.|
Top Five Small Business Loan Options
If you need a loan to start your business or you want to expand an existing one, there are several options for you to choose from. We recommend that you check various options before choosing the loan that best meets your startup requirements.
This section will discuss some of the top local funding options that offer small business loans in Montana.
The Montana Commercial Credit came into existence in 1999, and since then, they have helped customers and vendors develop their startup. Additionally, the credit union can provide creative funding to commercial customers located in more than 50 states.
Since the organization's beginnings, they’ve helped over 20,000 business owners with small business startup funding and they’ve disbursed over $800 million. Montana Commercial Credit focuses mainly on equipment financing, which allows you to buy what you need for your business without exhausting your working capital. Which lets you keep your business running. The organization provides funding to small businesses that fall within the following categories:
- Local delivery
- Restaurant industry
- Plumbing, electrical, and HVAC companies
- Landscape and maintenance companies.
The process of applying for Montana Commercial Credit funding is pretty straightforward. First, you should fill out an online application form, then one of the financial assistants will call you. You’ll receive approval within 0 to 24 hours. After that, you’ll receive a document to sign. Once you sign it, you send it back to them, and your equipment will be paid for.
Beartooth Bank is an expert in business lending. They have a deep understanding of how the business economy works. Whether you’re just starting your business or expanding an existing one, Beartooth Bank is ready to help you make the most of every opportunity that comes your way. The institution's loan application process is fast and easy.
In addition, the organization will also help you decide on the right SBA loan that is best for you. The various SBA loans that you can access at Beartooth Bank for your small startup include:
- Equipment Financing
- Intergenerational Transfers
- Construction Financing
- Business Purchase
Aside from the loan option mentioned above, Beartooth Bank also provides small businesses with a credit line, which can help your small businesses easily access funds. The bank also offers real estate financing.
Southern Montana CFCU is a federal credit union that has been helping small businesses in Montana since its inception in 1941. It’s the 13th biggest credit union in Montana, with assets totaling $135.41 Million. This union provides banking services to more than 8,000 members. Additionally, the institution is one of the most affordable lenders in the state of Montana, and they have pre-approval available for customers that can help you secure your startup loan without stress.
The institution will offer you the best support from start to finish. They provide low rate business term loans for a variety of businesses that include:
- Equipment and machinery
- Facility improvement
- Commercial vehicles, and more
Missoula Federal Credit Union is a business lender with a lot of local funding experience. The organization has been providing banking services and startup funding to small startups for more than 63 years. Recently, the credit union changed its name to Clearwater Credit Union.
If you have a small startup and you’re looking to save money on financing, Clearwater Credit Union is the best option. They offer small businesses a great rate on several business loans. They’re the top local funding option that you can go for. The business loan options available include:
- Commercial real estate loan
- Construction loan
- Equipment and auto loan
- A business line of credit
Western Security Bank is another top local lender that you can consider for your small startup loan. Since the institution's inception, they’ve provided world-class financial funding services to individuals and businesses in Montana. If you want to start a startup or expand an existing one without breaking the bank, Western Security Bank is a great option.
They provide access to various business loan types, including:
- Lines of credit
- Equipment term loans
- Commercial real estate term loans
- Agricultural loans
- Commercial construction loans
- Small Business Administration (SBA) loans
Amount of Loan
Montana Commercial Credit
$10,000 to $250,000
Interest rates between 3.04% and 3.79% (depends on the type of loan you apply for)
A maximum loan of up to $1million
Southern Montana CFCU
It’s based on the loan you apply for. You can request for more info at the site.
Missoula Federal Credit Union (Clearwater Credit Union)
$10 million maximum loan size
Competitive interest rate
Western Security Bank
$350,000 up to $5,000,000
The rate depends on the loan you’re applying for.