State auditor presents investment info in TF

When starting a business, finding funding sources can be a huge hurdle. On Thursday, community members learned resources are available to educate people on raising capital. The meeting was part of the Invest in Montana tour with the state Commissioner of Securities and Insurance (CSI).

Montana State Auditor Matt Rosendale visited Thompson Falls on Thursday to connect with business owners and those looking to start businesses and share information about investing in businesses. Rosendale, CSI staff and representatives from the Montana Small Business Administration (SBA) met with a group of about 20 people at the Elks Lodge in Thompson Falls.

Rosendale said it's important for rural communities to have access to adequate investors. "CSI can walk people through the legal path to raise funds properly."

Deputy Securities Commissioner Lynne Egan shared information about different funding sources and how to determine the best ways to raise capital for your business. She also presented information on Montana's securities laws. Egan said that CSI is also a criminal justice organization that investigates fraud. She provided examples of securities fraud in Montana, and said that as an investor, "if you're offered something with an interest rate that seems too good to be true, it probably is."

Wayne Gardella, District Director of the Montana SBA, shared information of how the SBA can help both secure funding for businesses, and also help with transitions when planning an exit from your business. Gardella said that often in rural communities, business owners do not begin planning their exit strategy soon enough. He said that SBA can provide training and counseling, and that most services are free. SBA has offices throughout the state, and a women's business center in Bozeman.

Presenters at the meeting agreed that when starting a business, looking for investors or transitioning away from business ownership, it's best to pick up the phone and get information and resources to help in the process.

"The purpose of the capital formation presentations and roundtable discussions is to create a dialogue with business leaders, economic development organizations, business incubators, and community leaders to promote investment in Montana and support businesses as they start up and/or grow their existing operations," Rosendale said. "We have talented people, great businesses, and an unparalleled entrepreneurial spirit in Montana."

Rosendale said he's encouraged by the amount of support and interaction on the Invest in Montana tour thus far. Thompson Falls was the eighth stop for the group. Rosendale, who is running for the U.S. Senate seat held by Jon Tester, said the Invest in Montana tour has been a positive way to meet people around the state and provide them information of which that they aren't aware. He said that many community leaders have attended the meetings as well.