Montana Code 17-6-345. Intermediary relending program
17-6-345. Intermediary relending program. (1) The board may set aside an amount, not to exceed $10 million, from the in-state investment percentage provided for in 17-6-305 for the purpose of creating an intermediary relending program.
Terms Used In Montana Code 17-6-345
- Board: means the board of investments created in 2-15-1808. See Montana Code 17-6-302
- Department: means the department of commerce provided for in 2-15-1801. See Montana Code 17-6-302
- Financial institution: includes but is not limited to a state-chartered or federally chartered bank or a savings and loan association, credit union, or development corporation created pursuant to Title 32, chapter 4. See Montana Code 17-6-302
- Intermediary loan: means a loan provided to a local economic development organization with a revolving loan fund to be used to provide matching funds for the U. See Montana Code 17-6-302
(2)Intermediary loans may be made to board-approved local economic development organizations with revolving loan programs.
(3)Each intermediary loan made pursuant to subsection (2) may not exceed $500,000.
(4)An intermediary loan made under this section may be offered only to an applicant that will pledge and use the loan funds as matching funds for the U.S. department of agriculture rural development loan program provided for in 42 U.S.C. § 9812 and 9812a or other federal revolving loan programs, including but not limited to programs from the economic development administration of the U.S. department of commerce and the community development financial institution program from the U.S. department of the treasury.