Indian Equity Fund (IEF) Small Business Grant – US

This money can be used for a variety of activities such as the purchase of new equipment or the development of a new product line. A total of $320,000 is available to fund Native American business applications in Montana.

Funding Information

• Applicants can request a maximum of $14,000 and must demonstrate a reasonable justification for the use of funds. (Please round request to the nearest $100 increment.)  Award amounts are at the discretion of the Review Committee.  Applicants are encouraged to only apply for what they need so that grant dollars can be distributed across as many businesses as possible.

Eligible Activities

• Funds can be used for a variety of business activities, usually funded by a commercial lender.  These activities may include but are not limited to:
  • Purchase of land, building, property renovations, signage, lighting, security systems, fencing, displays, organizational systems, and lockable display cases.
  • Purchase of assets including interior or exterior furnishings, equipment, and technology.
  • Business branding, website (with some limitations), logo design, promotional materials, and some marketing.
  • Business inventory, supplies, culinary supplies, tools, and essential materials to produce products or provide services.
  • Selected use of working capital for business operations.  A very strong case must be made to utilize funds for working capital.
• Existing business owners must show how the funding will support growth in their business either through the development of a new product or service with the existing business strategy.

Ineligible Activities

• Examples of activities that will not be funded:
  • Reimbursement for activities completed prior to receipt of application.
  • Reimbursement for activities not related to business start-up or expansion.
  • Duplicative reimbursement for activities receiving funding for the same services, equipment, or improvements through any other local, state, or federal grant or funding program, except as necessary to fully fund the project.
  • Also, perishable food items, unenclosed flatbed trailers, livestock, and rent.

Eligibility Criteria

• Eligible Applicants
  • The funds are available to enrolled members of Montana’s federally recognized tribes residing in Montana within the exterior boundaries of a Montana Indian Reservation will receive higher consideration over those outside these boundaries. All applicants must provide proof of residency, i.e., registered bill, previous month bill, unless the business is a majority tribal owned entity (51% tribal ownership). Grants will only be allocated to for profit businesses.  If funds are allocated, a business bank account is required to receive the funds and must be tracked with a verifiable accounting system, (software or accounting firm). All applications must include documentation of tribal enrollment in the form of a Certified Indian Blood (CIB) Form or tribal ID.  An application will be considered incomplete without this information.
• Ineligible Applicants
  • Any applicant or business in Montana that is debarred, suspended, proposed for debarment, or declared as ineligible to receive State of Montana funds is ineligible to receive these grant funds.
  • Additionally, any applicant under a garnishment order at the time of application from the Montana Department of Revenue for monies owed to the State of Montana is an ineligible recipient of funds.  Examples of garnishment include taxes owed to the State, child support payments that are past due and funds owed to the university system.  Meals, lodging, and mileage reimbursements are also ineligible expenses.
  • Also, non-profit organizations (entities).

For more information, visit Montana Department of Commerce.