Update: This article has been updated to show the Working Capital Program is accepting applications through October 23rd. Applications for the Loan Deferment Program close September 18th.
Businesses have until October 23rd to apply for the Montana Working Capital Program through their local lender. The program is managed by the Board of Investments and the Dept. of Revenue.
Under the CARES Act, this loan is for businesses that have lost more than fifteen percent of their revenue directly related to coronavirus.
Freedom Bank President Don Bennett told MTN that if a business is approved, this would allow that business to defer payments on a loan for a year.
He explained to MTN that their bank has been combing through their customers and contacting those who qualify.
Bennett told MTN that only Montana banks and Montana businesses qualify for this funding - adding this funding will really help tourism businesses.
"A customer can go basically an entire year without making a payment," said Bennett. "Which will really help them especially the tourism related businesses through this winter. It helps them kind of build up their cash reserves."
Bennett suggests businesses go back through their revenue to see if they are eligible.
The deadline to apply for funding is October 23rd.