Montana Code 17-6-408. Certification of microbusiness development corporations
17-6-408. Certification of microbusiness development corporations. The department may certify:
Terms Used In Montana Code 17-6-408
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Department: means the department of commerce provided for in 2-15-1801. See Montana Code 17-6-403
- Microbusiness development corporation: means a nonprofit corporation organized and existing under the laws of the state to provide training, technical assistance, and access to capital for the startup or expansion of qualified microbusinesses. See Montana Code 17-6-403
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
(1)a microbusiness development corporation when it determines that the corporation:
(a)has developed a viable plan for providing training, access to financing, and technical assistance for qualified microbusinesses;
(b)has broad-based community support in a designated multicounty region of the state, as reflected, for example, by the membership of its board of directors; and
(c)has an adequate source of operating capital; or
(2)a statewide microbusiness development corporation when the department determines that the corporation meets the conditions under subsections (1)(a) and (1)(c) and, in addition:
(a)has a viable plan to provide specialized services to constituents throughout the state or within at least four Indian reservations in Montana; and
(b)does not preempt or duplicate efforts of microbusiness development corporations within local communities.