The Miles City Area Economic Development Council (MCAEDC) works closely with Southeastern Montana Development Corp. (SEMDC), who has loan funds for business development, to coordinate business financing for local and area business opportunities. The Executive Director of MCAEDC is also a Loan Officer for the revolving loan funds provided by SEMDC.
Southeastern Montana Development Corporation (SEMDC), a regional non-profit economic development group, has over the past several years established funding assistance for business development through several Revolving Loan Funds. These funds are available to assist business development in a four counties: Powder River, Custer, Rosebud and Treasure County. The purpose of this program is to help stimulate business growth by providing low interest loans for expansion or start-up. For every $20,000 of funds lent in this program, one job must be created. The borrowing business must usually provide matching funds for the expansion or start-up project. These matching funds may come from the business owner’s own equity or loans from a bank or other investor. Minimum loans are $10,000 and up to a maximum of 50% of the project costs. Loans are available for real property, equipment and working capital.
Applications for loans are evaluated on such criteria as collateral, credit history, business plans including cash flow projections, feasibility and business experience or training of the applicant. Each application is reviewed on an individual basis. All applicants must complete a business plan. Successful applicants will be required to furnish financial statements on a periodic basis as well as be willing to open their business up for review when requested. All businesses in the designated region are eligible regardless of race, color, national origin, gender, religion, marital status, or disability.