DEQ generally accepts and processes loan applications throughout the year. It usually takes two to four weeks for the approval process, and up to two additional weeks for loan funds to be deposited in the borrower's bank account.
1. Upon receipt of an application DEQ deposits the application fee, assesses the application for completeness, and begins technical and environmental reviews. Program staff will contact the applicant if the application materials are incomplete or if additional information is required to determine eligibility. When technical and environmental reviews are complete, DEQ transfers the application to the AERLP financial services contractor, Montana Business Assistance Connection (MBAC) for financial review.
2. MBAC analyzes the applicant’s credit and loan repayment history, debt-to-income ratio, and loan security. MBAC may request additional information as necessary to process the loan application. Upon completing its financial review, MBAC will make a recommendation to DEQ to either fund or not fund the loan application.
3. DEQ reviews the recommendation and findings of MBAC’s financial review and either approves or denies the issuance of a loan commitment statement to the applicant. MBAC will mail the approved loan commitment to the applicant, including a list of items required for loan closing.
4. Applicant must sign and return the loan commitment statement to MBAC. Upon receipt of a signed loan commitment statement, MBAC will mail final loan documents to the applicant.
5. Applicant must sign and return the loan documents to MBAC. Upon receipt of signed loan documents, MBAC will deposit loan proceeds in the borrower’s bank account.
6. Borrowers are required to keep records of expenditures and to document the completed installation with photographs. When installation is complete, borrower must send a photograph of the completed installation and any additional information requested by the department.
7. AERLP may conduct site visits to verify the project installation.
8. Borrower makes loan payments to MBAC. MBAC will remit those payments to DEQ in order to fund new loans.