Bear Paw Development Extends loan origination fee reduction to end of year

Bear Paw Development Corporation is extending a 26% reduction in loan origination fees for entrepreneurs who want to finance a new business start-up or an expansion to an existing operation. Originally announced in July of this year as a promotion for the summer to help area entrepreneurs fund their businesses, the organization is now extending this 26% loan origination fee reduction for the remainder of 2014.

“What we discovered over the past three months is a fairly significant demand by businesses in our region to expand, remodel, grow, try something different, add a new line, purchase new equipment or enter a new market. All of these opportunities typically require financing that may not be easy for every business to obtain,” said Paul Tuss, Executive Director. “So we have decided to extend this significant reduction in our loan origination fees through the end of December, which will make obtaining financing even that much more affordable for area businesses.”

Brittnee Zanto-DeLaRosa, Director of Loan Services for Bear Paw, said that the organization has been helping to finance business start-ups and expansions since 1988, or for 26 years, which is the significance of the 26% figure. “For over a quarter of a century, Bear Paw Development has invested in the health and growth of northern Montana’s business community. This has occurred one business at a time, but the cumulative impact of our small business lending activity is evident on Main Street in every community we serve,” Zanto-DeLaRosa said. “Since 1988, Bear Paw has approved nearly 340 loans to businesses of every size in our region. This activity represents more than $24.2 million that has gone directly into businesses to help them grow and succeed. This business lending has also helped to create or retain approximately 1,260 jobs in our rural part of Montana.”

Tuss noted that the reduction in loan origination fees is an immediate and up-front way to help make business lending more affordable for entrepreneurs. “By reducing the cost to secure a loan from the very start, we are making financing a business purchase, expansion or start-up that much easier for our private sector partners. We know that every dollar counts, especially for small businesses. Given the great response we received to our summer-time reduction of origination fees, we thought we would extend this offer to entrepreneurs for the remainder of the year,” Tuss said.

Bear Paw Development is celebrating its 45th anniversary this year as a federally-recognized Economic Development District, and has built one of Montana’s largest revolving loan funds to assist businesses with their financing needs. Bear Paw’s region includes Hill, Blaine, Liberty, Phillips and Chouteau counties, as well as the Rocky Boy’s and Fort Belknap Indian Reservations.

To contact Bear Paw about a small business loan, or assistance with business planning, call 265-9226, or visit their website at http://www.bearpaw.org.