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First Interstate Bank has been named MoFi’s Montana Lender Partner of the Year for 2022, referring more businesses to MoFi than any other lending institution in the state. MoFi presents the award annually to its most prolific commercial lending partner, an institution that has demonstrated outstanding commitment to meeting the needs of small-business owners and entrepreneurs across Montana.
Many successful Montana businesses struggle to get the financing they need to grow. First Interstate Bank has been recognized for helping connect small-business owners and entrepreneurs across the state with a resource to meet that need – flexible, responsible capital that sees them through short-term growth and prepares them for a longer-term bank loan. That capital comes from MoFi, a nonprofit Community Development Financial Institution that provides financing and consulting services to small-business owners and entrepreneurs who are unable to receive a traditional bank loan.
The culture of connecting clients to the products and services they need is fostered by the leadership at First Interstate Bank across Montana. In 2022, First Interstate referred 18 businesses that received financing from MoFi.
“First Interstate Bank is thrilled to be recognized as the leading bank in Montana identifying clients who can utilize the lending options that MoFi provides,” said Jocelyn Lane, Rocky Mountain Regional President for First Interstate Bank. “We appreciate the partnership between our two organizations so we can provide these financial solutions to meet the needs of our clients.”
As a nonprofit community-based lender, MoFi provides flexible, responsible capital to businesses that fall outside of traditional “bankability” at a moment in time. Many of the organization’s clients are referred via commercial lenders when they are unable to provide financing, in whole or in part. MoFi works with clients to design tailored loan solutions, including loan size, type of loan structure, and uses. The organization also provides a full suite of consulting services to help clients build successful businesses and transfer to a long-term banking relationship as quickly as possible.
“Working together, MoFi, and our bank partners ensure Montana entrepreneurs have access to the capital they need to build their businesses and better their communities,” said Dave Glaser, President of MoFi. “We’re greatly appreciative that First Interstate Bank and other lenders recognize the positive impact of our partnership in cities and towns across the state.”
Through 2022, MoFi provided over $915 million in financing to over 4,800 small businesses across the Rocky Mountain West.