The Montana Department of Commerce has many necessary resources for small businesses in the state, and there is also an active Small Business Development Center that has great networking and other resources for Montana companies. Accelerate MT helps small businesses in the rural and tribal areas of Big Sky Country with a series of programs and resources. Montana State University also maintains a long list of resources for businesses, like programs for manufacturers and help acquiring talent.

The state’s tourism agency runs a Tourism Grant Program aimed at small businesses working in Montana’s tourism and recreation industries. USGrants.org is a great place to look often for grants from the federal government that are earmarked for Montana companies, especially if your business operates in environmental conservation, wildlife management, or paleontology sectors. For businesses focused on exports, the state offers a STEP granting initiative.

Ahead of any business loan applications, you and any of your partners need to decide on a corporate structure, which might be a sole proprietorship, corporation, or limited liability company (LLC). Depending on your structure, you might have to register with the Secretary of State, and you might need to apply for business licenses, depending on the nature of your industry. Once your operation is set up, you can qualify for business loans in Montana. The process is different based on the financing type and the financier, but many will consider your business plan, your business’s fiscal history, and your personal credit report in making loan approval decisions.

To determine the right loan for you, consider your business’s overall goals. The right loan for your Montana small business is the one that will allow you to expand the most in both the near and long term, without overly impacting your cash flow as you pay it off. If you have modest business plans for sustained growth and can wait a few weeks to find out about your application’s approval, SBA funding, like a 7(a) loan, might work great for you. If there is a piece of equipment—such as a tractor, van, or 3-D printer—that can quickly take your business to the next level, look into equipment financing.

A business loan in Montana can help your business because it can help you solve problems and grow. Whether it’s finding great new staff, opening a new office, or getting necessary machinery, outside funding can improve your ability to expand and improve your small business and actually help your company become more profitable. You can look at many financing options using Lendio’s free online platform.