How to Get Small Business Grants in Montana

Montana, the Big Sky Country, is known for its impressive natural beauty and significant business ventures. In addition to several large renowned businesses, Montana is also home to over 53,000 small businesses.

Additionally, Montana has an impressive farming sector with more than 27,000 farms.

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, around 626 businesses went bankrupt in 2023. To remedy this and grant a level playing field to start-ups and small enterprises, several grants and funds are available for small businesses in Montana.

In this article, we have detailed some of Montana’s top small business grants.

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 and have employee count as follows:

Small Organization: 1-20 employees
Medium Organization: 21-50 employees
Large Organization 50+ employees

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 annually. 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, meet potential commercial partners, or conduct activities 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 .

Conclusion

These are the top small business grants in Montana. These grants assist small businesses and aim to boost the growth and development of the state’s commerce. Different grants and assistance programs have different eligibility criteria.

It is highly recommended that you 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 use the grant amount you received for the specified purpose.