DEQ generally accepts and processes loan applications throughout the year. It usually takes three to four weeks for the approval process, and up to two additional weeks for loan funds to be deposited to the borrower's bank account. Technical and financial analyses take place simultaneously.
1. DEQ analyzes the request, reviews the project's technical merit, and sends the application packet to the financial contractor for financial review.
2. DEQ's financial contractor, Montana Business Assistance Connection (MBAC), analyzes credit and repayment history, debt-to-income ratio, and loan security. The contractor may request additional information needed to process the loan application. (The application process will be suspended until any requested information is received.)
3. The financial contractor recommends qualified applicants for loan approval to DEQ.
4. Technical aspects of the project are reviewed in greater detail by DEQ. DEQ approves applications that qualify both technically and financially.
5. The Montana Environmental Policy Act (MEPA) requires a review of the proposed project's impact on surrounding environmental and cultural resources. This review will be provided by DEQ.
6. Upon approval by the financial contractor and DEQ, qualified applicants are issued loan and security documents. A listing of items needed for loan closing is provided. For example, permits and insurance documentation are normally required.
7. Final loan documents are signed and MBAC deposits loan proceeds into the borrower's bank account.
8. Borrowers are required to keep records of expenditures and to document phases of construction and installations. Photographic records are required.
9. Loan payments are made to MBAC and returned to DEQ to revolve out to new loans.