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BLDC to manage loan program for Montana Women's Finance Cooperative; fund currently about $87,000
Summary
BLDC said it will take on loan management for the Montana Women's Finance Cooperative, which plans to make small loans to women-led businesses and currently reports roughly $87,000 in its fund; commissioners queried loan terms and eligibility.
Kelly Sullivan told the committee that BLDC will handle loan management for the newly formed Montana Women's Finance Cooperative, a nonprofit aiming to provide small, simple loans to women-led businesses across the state. "And right now, I think in their fund, they only have around $87,000," Sullivan said, adding the loans are intended to be easy to access rather than complex.
Commissioner Russ O'Leary asked whether the loans would be low-interest or advantageous terms; Sullivan said BLDC and the cooperative are drafting an agreement and accompanying policies to define terms. Commissioner Tommy Walker asked whether an existing female-owned business expanding into a new line would be eligible; Sullivan said policy can be written to include that possibility and that the cooperative is seeking BLDC input on program rules.
