Bootstrapping loan aids outdoor business

Filed in archive Bootstrapper News on February 28, 2008

There's a new sunrise for bootstrapping in Montana.

Sunrise Pack Station, a small business specializing in educational and fishing pack trips in Yellowstone National Park, is the second recipient of funding from the Bootstrap Montana Loan Program.

Here's an announcement of the funding from Montana's News Station.

"The loans are typically $5000-20000 offered at 0% interest for the first year," e-mailed Prairie Lee, assistant business manager for TechRanch, Bozeman, MT, a business assistance organization acting as contact for the loan program.

"Strongest consideration is given to companies drawing over 50% of their revenue from outside Montana. The use of funds is primarily to help increase sales," Lee added.

The loan was established by Greg Gianforte, founder of RightNow Technologies, who launched his own Montana-based company through the bootstrapping method.

The first recipient of funding from the new micro-loan program was Kimberly Loftus whose hand-made tile business, Loftus Tile, in Jefferson City was awarded in December.

Lee said in her e-mail she could not divulge the personal loan information for each recipient but said loans would create expanding opportunities for both businesses.