Goldman Sachs Invests $4 Million in Small Montana Businesses
MISSOULA, Mont. (AP) — Global banking giant Goldman Sachs is making $4 million available to loan to Montana small businesses that might otherwise have trouble getting loans.
The Missoula-based Montana Community Development Corp. will be managing the money. MCDC Director Dave Glaser says money will be loaned for business expansion as well as startups.
The money is being made available through Goldman Sachs’ 10,000 Small Business Initiative, which began in 2009 as an effort to address the credit crunch and help small businesses create jobs.
In the past year, MDCD has made loans ranging from $1,000 to $750,000, with the average being around $7,000.
Glaser tells the Missoulian that based on past performance, $4 million of loan capital equates to 212 jobs.