SBA 504 Interest Rates | June 2024 | 10 Yr:  6.908%, 20 Yr: 6.445%, 25 Yr: 6.354% *rates may vary Learn More »

Rumor Has It…Debunking Misconceptions about Small Business Financing in Montana

Sep 7, 2023

Hey there! Word has it there are some rumors going around about small business financing in the Treasure state… and we’re here to set the record straight.

As the go-to resource for Montana entrepreneurs, we’re all about keeping things fun while uncovering the truth. So grab your coffee mug, get ready, and let’s dive into the facts together!

 

Rumor has it: Dakota Business Lending only provides SBA 504 loans.

Reality is: Our mission goes far beyond that! In addition to the SBA 504 program, we have several other loan programs to help bridge the gap for business owners in Montana including SBA ILP, Rural Development IRP, Main Street microloan, and MT SSBCI (approved participating lender).

Because we are more than just a financial institution, we also offer several non-financing programs to help business owners grow and succeed. From ACTIVATE Women learning workshops, ACTIVATE U Podcast, and ACTIVATE Magazine, to CDFI loan programs/business support services and our online financing library called the Vault (MT resources coming soon!), we strive to be the premier small business resource…no matter where you are in your entrepreneurial journey.

Rumor has it: The SBA 504 loan program is super complicated and time-consuming.

Reality is: It doesn’t have to be! With the right team, this loan can be easily accessed and implemented into your business.

Our teams’ experience goes way back…touting over 200 years of combined knowledge and expertise. With a remarkable 90% average first pass rate, our team is committed to making the loan process accessible, reliable, and stress free for Montana businesses.

Last but not least, borrowers and lenders can utilize Gateway, an online application that streamlines and enhances the loan process.

Rumor has it: Dakota Business Lending only serves North Dakota.

Reality is: Don’t let “Dakota” fool you! It may sound like we’re all about North Dakota, but we’ve got bigger plans than that! The word “Dakota” means “friend or ally”, and we take those relationships very seriously!

Since 2004, we’ve been spreading our wings to parts of Minnesota and in 2018, became a multi-state CDC expanding our services to reach the entire state of Montana. So, whether you’re kickin’ up dust in Billings, savoring the sweet mountain air in Missoula, or hiking Glacier Park, know we’ve got your back and our mission extends beyond state lines.

Rumor has it: Interest rates are too high right now to get a loan.

Reality is: Rumor has it that sky-high interest rates are blocking your path to financing but, contrary to popular belief, current rates have settled back to pre-pandemic levels.

And that’s not all! These rates are lower than your average conventional loan programs…meaning this program can save your business thousands of dollars in the long-run. Now that’s what we call a win-win, Montana style!

Rumor has it: Montana is too big for Dakota Business Lending.

Reality is: With the new addition of, Julie Jaksha, and the familiar faces of Christie WilliamsAnjie Martins, and Jo Ann Back, our 504 in 406 team has got you covered! Whether you’re starting a new business or looking to expand an existing one, our 406 team has the knowledge, resources, and tools to help you secure the financing you needed…wherever you are in this great state.

Not only that, but we’re backed by an incredibly knowledgeable loan operations team who work together with our loan officers to help you navigate our programs with ease.

Dakota Business Lending is ready and able to work with borrowers and lenders all across Montana!

Rumor has it: Montana businesses are underserved in terms of financing.

Reality is: Montana is on the rise and financing opportunities are growing!

While historically the state has faced underserved conditions, recent game-changers have brought positive changes. We’re not just a vacation hotspot anymore—no sir! Montana has transformed into a thriving hub for living and entrepreneurship.

Recognizing the gaps in SBA 504 financing accessibility, we made our entry into Montana in 2018 driven by the goal of improving program availability. Since then, collaborations among resource providers have increased, benefiting hundreds of businesses across the state. In 2021, SBA 504 loan approvals nearly doubled, indicating a consistent upward trend that shows promise for the future. In 2022, Dakota Business Lending was recognized as #1 Lender of the Year from Snowy Mountain Development.

So get ready entrepreneurs: let’s embrace the spirit of Montana, where adventure meets opportunity and where we can build a future that’s as wild and wonderful as our great state!

Now that we’ve put those tall tales aside, let’s embrace a new story: Dakota Business Lending is here to join you along your financing journey, providing you with confidence, excitement, and a whole lot of fun along the way! 

Rumor has it that your next financing opportunity is right around the corner…and we want to work with you to help bring it to life.