An eligible borrower is a Native American-owned business with a structure that is a recognized entity under Montana or tribal law that is registered with the Montana Secretary of State’s Office or under respective tribal ordinances.
Any bank, community development financial institution, tribal revolving loan institution, certified regional development corporation, microbusiness development corporation, credit union, local development corporation authorized to conduct business in the State of Montana is an eligible Lender.
Underwriting will be based on the Lender’s risk profile and collateral underwriting criteria. The participating Lender must determine that each application meets its normal underwriting criteria “but for” a collateral gap. The Lender assumes full responsibility for the credit and ongoing servicing of the loan.
Internal Review Process
The NACS Program Manager will first review a CSA for completeness and sufficiency. During this initial review, the Program may contact the Lender for additional information, documentation, or clarification. After the CSA is deemed complete and sufficient information is available to evaluate the application, the Program Manager will notify the Lender by email that the CSA will be presented to an internal review committee. The internal review panel will make preliminary funding recommendations to the Director of the Department who will make the final decision on whether to approve collateral support for an application. The Program will communicate the determination to the Lender through a formal award or denial letter.