Revolving Loan Fund – Prospera Business Network

Loan Program: Revolving Loan Fund – Prospera Business Network
Contact: Prospera Business Network
Address: 222 East Main St, Suite 102
City: Bozeman
State:

Prospera’s Bozeman Revolving Loan Fund is an economic development program of the City of Bozeman in partnership with Prospera Business Network.

The Fund provides financing to businesses located within the Bozeman city limits, with priority given to businesses engaged in activities creating “quality jobs” with more than half of their gross sales revenue coming from outside Gallatin County.

The maximum loan amount shall not exceed $250,000. The cost per job to be created or retained must not exceed $20,000 per job (for example, a $100,000 loan should create or retain 5 jobs).

The Bozeman RLF loan amount must be matched on a one-to-one basis from another source, i.e. bank loan, owner investment equity, private funds, SBA, grants, or a combination of sources.

Specific loan terms (including the interest rate) will be determined by the Loan Review Committee after review of the application and will be based on the specific project needs.

In no case will the minimum allowable interest rate be less than 5%.

All loans must be secured with a personal guarantee and other reasonable sources of available collateral.

The Bozeman RLF will take a secondary position on collateral behind a commercial lender.

Area(s) Served: City of Bozeman
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