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Montana Working Capital Program aimed at businesses that lost 15% or more due to COVD-19

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Posted at 7:41 AM, Sep 17, 2020
and last updated 2020-09-17 14:21:32-04

There are only a few more days for businesses to apply for the Montana Working Capital Program.

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 said that if a business is approved, this would allow that business to defer payments on a loan for a year.

He explained that their bank has been combing through their customers and contacting those who qualify.

Bennett said 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 Sept. 18.