Montana, the Big Sky Country, is not just known for its impressive natural beauty but also for its significant business ventures. Apart from several large renowned businesses, Montana is also home to over 30,850 small businesses, which employ less than 100 workers.
Of these, over 3,540 businesses are from the Professional, Scientific, and Technical service sectors. Nearly 1,700 businesses are engaged in Administrative and Waste Management, while around 3,340 belong to the Food Services and Accommodation sector.
Apart from this, there are more than 3,070 businesses that are not classified into any industrial sectors. Additionally, Montana also has an impressive farming sector with more than 30,000 farms within it.
Starting and setting up a small business is still not easy in Montana. Employers pay over $10.5 billion in salary and wages in the state. On the other hand, nearly 3,120 businesses go bankrupt every year. To remedy this and grant a level playing field to start-ups and small enterprises, there are several grants and funds for small businesses in Montana.
In this article, we have detailed some of the top small business grants in Montana.
Best Small Business Grants in Montana
Here is our list of the best small business grants in Montana to establish start-ups and grow small businesses:
1 – Incumbent Worker Training (IWT) Program
The Montana Department of Labor & Industry offers the Incumbent Worker Training (IWT) grant. Under this, eligible recipients can receive between $1,000 and $2,000 to compensate for the cost of skill-based training for employees. This grant is specifically designed for small businesses.
The eligibility criteria require applicants to be registered small businesses established in Montana for at least one year, with less than 50 employees. However, starting this year, the eligibility criteria will allow small businesses with more than 50 employees to apply for this small business grant, too.
Besides this, the applicant should be a business registered with the Montana Secretary of State’s Office. It also has to fulfill the employer matching funds criteria.
To learn more about the Incumbent Worker Training (IWT) grant by the Montana Department of Labor & Industry, you can check the official link here https://wsd.dli.mt.gov/employers/incumbent-worker-training-program/ .
2 – Montana Business Assistance Program
The state of Montana provides the Business Assistance Program to offer grants to small businesses operating in the state. Under this grant initiative, eligible small businesses can receive up to $5,000 for business development and relevant purposes. The grant money can be used to offset start-up costs, business expansion, or the purchase/upgrading of equipment.
The eligibility criteria for the Montana Business Assistance Program grant require the business to be operating in Montana with less than 25 employees on hold. The application process for this grant involves filling and submitting an application form to the Montana Department of Commerce.
Besides this, applicant business owners will need to provide financial statements, business development plans and other relevant supporting documents. Make sure to start the application process as soon as possible as it usually takes up to 6 weeks for the process to be completed.
To learn more about the Montana Business Assistance Program, you can click on this official link: https://business.mt.gov/Business-Assistance/ .
3 – Montana Innovation Partnership (MTIP) Program
The MSU TechLink Center offers the Montana Innovation Partnership (MTIP) grant. It is set to offer a portion of its 2024 FAST funds as financial grants to small businesses in Montana. This grant is specifically aimed at small businesses that are actively preparing STTR/SBIR proposals for the fiscal year 2024.
Under this initiative, eligible small businesses will receive up to 6 FAST Microgrants at $2,000 per year. Potential eligible applicants can use the grant fund for different business development purposes.
For instance, the MTIP grant amount can be used to acquire consultancy services, travel and attend conferences or meet potential commercial partners, or for activities that are directly related to the proposal for STTR/SBIR.
To know more details, such as eligibility criteria and others, you can check the official MTIP link here https://montanainnovationpartnership.org/wp-content/uploads/2023/10/TechLink_FAST_Micro_Grant_Instructions_and_Application-rev-Oct2023.pdf .
These are the top small business grants in Montana. These grants are aimed at boosting the growth and development of the state’s commerce by assisting small businesses. Different grants and assistance programs have different eligibility criteria.
It is highly recommended to read the specific qualification criteria carefully to ensure your eligibility before applying for any small business grant in the state. Apart from this, you should ensure to use the received grant amount for the purpose specified.
Interactive US Map for Small Business Grants