SBA Update – 11/19/21 – Call for nominations, Fiscal Year 2021 loan data, EIDL program updates, Disaster loan deadline

23November 2021

Good Friday morning Montana-

The SBA has some important announcements.  Please see below (along with links to additional details) for a call for nominations for small business awards (done electronically this year), the Montana fiscal year 2021 loan data, important changes to the EIDL program and reminder on disaster loan deadline for a few Montana counties.  Lots to look at here so I’ll keep the intro short.  Plus, more to come next week.  Enjoy.

  • SBA Seeks Nominations for 2022 Small Business Person of the Year and other awards 
    • The U.S. Small Business Administration Montana District Office is proud to announce that the SBA’s Montana District Office is ready to accept nominations for its 2022 National and District Small Business Week Awards, including the annual Small Business Person of the Year award.
    • Visit SBA’s dedicated website http://www.sba.gov/nsbw to download forms, criteria, and guidelines for submitting a nomination.  Montana District nomination guidelines and district awards categories can be found on the district’s website at Montana District Office | The U.S. Small Business Administration | SBA.gov.
    • All nominations must be received by the Montana District office by electronic submission ONLY to the District’s BOX account, no later 3:00 p.m. on January 11, 2022.

·       SBA Montana sees Loan Volume over Double this year reaching 323 Businesses with over $186 Million 
o   HELENA – The Montana District of the U.S. Small Business Administration (SBA) today announced “non-COVID” loan data for fiscal year ended September 30, 2021, showing 323 Montana small businesses received over $186 million.  Of these loans, 277 for $158,922,700 were made through SBA’s 7(a) Guaranty Loan Program which provides short- or long-term financing for small business start-up or expansion needs.  46 loans totaling $27,669,000 were made through SBA’s 504 Certified Development Company program, providing long term fixed rates financing for land, buildings, and equipment.

o   Yellowstone Bank was the leading SBA lender in Montana for FY21, with 52 loans totaling nearly $28.5 million followed closely by Glacier Bank with 46 loans.  Stockman Bank, Bank of Bridger, Capital Matrix, Dakota Business Lending, Wells Fargo, Three Rivers Bank, Big Sky Economic Development and Valley Bank of Ronan round out the top 10.

·       SBA Announces Updated Guidance Regarding Applicant Deadlines for COVID Economic Injury Disaster Loan Program (release:  SBA Announces Updated Guidance Regarding Applicant Deadlines for COVID Economic Injury Disaster Loan Program)
o   WASHINGTON – Today, the U.S. Small Business Administration (SBA) announced updated guidance for COVID Economic Injury Disaster Loan (EIDL) program applicants to better serve small business owners in need, while funding remains available. Since its inception, the COVID EIDL program, a federal disaster relief loan designed to better serve and support our small business communities still reeling from the pandemic, especially hard-hit sectors such as restaurants, gyms, and hotels, has approved nearly $300 billion in relief aid. Specifically, the following updated guidance is being provided:

§  EIDL loan and Targeted Advance applications will be accepted until December 31 and will continue to be processed after this date until funds are exhausted.

§  Supplemental Targeted Advance applications will be accepted until December 31; however, the SBA may be unable to process some Supplemental Targeted Advance applications submitted near the December 31 deadline due to legal requirements. The SBA cannot continue to process Supplemental Targeted Advance applications after December 31 and strongly encourages eligible small businesses to apply by December 10 to ensure adequate processing time.

§  Borrowers can request increases up to their maximum eligible loan amount for up to two years after their loan origination date, or until the funds are exhausted, whichever is soonest.

§  The SBA will accept and review reconsideration and appeal requests for COVID EIDL applications received on or before December 31 if the reconsideration/appeal is received within the timeframes in the regulation. This means six months from the date of decline for reconsiderations and 30 days from the date of reconsideration decline for appeals – unless funding is no longer available.

·       Deadline Approaching in North Dakota (includes a few neighboring Montana counties) for SBA Working Capital Loans Due to Drought (release:  Deadline Approaching in North Dakota for SBA Working Capital Loans Due to Drought)

o   SACRAMENTO, Calif. – Director Tanya N. Garfield of the U.S. Small Business Administration’s Disaster Field Operations Center-West today reminded small nonfarm businesses in 49 North Dakota counties and neighboring counties in Minnesota, Montana and South Dakota of the Dec. 20, 2021, deadline to apply for an SBA federal disaster loan for economic injury. These low-interest loans are to offset economic losses because of reduced revenues caused by drought in the following primary counties that began April 15, 2021.

§  Primary North Dakota counties:  Adams, Benson, Billings, Bottineau, Bowman, Burke, Burleigh, Cavalier, Divide, Dunn, Eddy, Emmons, Foster, Golden Valley, Grant, Hettinger, Kidder, Lamoure, Logan, McHenry, McIntosh, McKenzie, McLean, Mercer, Morton, Mountrail, Nelson, Oliver, Pembina, Pierce, Ramsey, Renville, Rolette, Sheridan, Sioux, Slope, Stark, Stutsman, Towner, Walsh, Ward, Wells and Williams;

§  Neighboring North Dakota counties:  Barnes, Dickey, Grand Forks, Griggs, Ransom and Steele;

§  Neighboring Minnesota counties:  Kittson and Marshall;

§  Neighboring Montana counties:  Fallon, Richland, Roosevelt, Sheridan and Wibaux;

§  Neighboring South Dakota counties:  Campbell, Corson, Harding, McPherson and Perkins.

As always, if you have questions on SBA programs don’t hesitate to contact the District Office and we will do our best to assist.  Have an awesome weekend.

Take care,

-Brent.

Brent E. Donnelly

District Director – Montana

U.S. Small Business Administration

10 West 15th Street – 1100

Helena, MT  59626

Desk: 406-441-1083

Mobile: 406-439-7613

http://www.sba.gov

 

 

 

 

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