Capital One announces $3 million investment in Montana

BOZEMAN, MT. – MAY 13 – Capital One today announces a $3 million investment to support rural economic growth and small business development in Montana, reflecting its focus on expanding opportunities for small business growth as a pathway to financial resilience and wealth building. The investment helps local lenders and education partners expand access to capital and technical support so entrepreneurs can start, grow, sustain and flourish in their businesses across the Northern Rockies and Pacific Northwest.

The investment includes a $2 million line of credit and a $500,000 philanthropic grant for MoFi—a Montana-based Community Development Financial Institution (CDFI)—to scale rural small business lending across Montana, Idaho, Wyoming, Utah, Washington and Oregon. The investment builds on Capital One’s broader support for MoFi, including more than $47 million in Qualified Equity Investments through the New Markets Tax Credit program since 2023, supporting projects that expand economic opportunity across the region. This also follows a 2025 initiative that provided $500,000 in grant funding to increase regional entrepreneurial support, supplemented by pro bono services provided earlier this year to enhance the CDFI’s data infrastructure for financial modeling.

Additionally, a $500,000 grant is being awarded to the Montana State University Alumni Foundation (MSUAF) to support entrepreneurial programs at Montana State University, including the Jake Jabs College of Business & Entrepreneurship’s LaunchPad program, a key campus entrepreneurship network that drives innovation and regional activity, and a fund to support researchers transitioning technology from the laboratory to the market. This funding allows the LaunchPad to continue serving students and community members alike through small business and entrepreneurial programming.

“Small businesses are the backbone of rural America, and Capital One is proud to serve millions of customers in these regions, including hundreds of thousands of small business owners,” says Shena Ashley, President of the Capital One Insights Center and Vice President of Community Impact and Investment. “Our investments in MoFi and MSU, and today’s convening in Bozeman, reflect our commitment to equipping entrepreneurs with the capital, partnerships, and insights they need to build lasting businesses—expanding opportunity across the communities these organizations serve.”

Together, the investments are designed to reinforce two critical components of rural entrepreneurship: access to capital and the infrastructure that helps founders turn opportunity into lasting businesses. This approach reflects recent research by the Capital One Insights Center and the Center on Rural Innovation (CORI), which indicates that many rural communities in Montana are succeeding by blending local strengths with new ideas and investments.

“Capital One’s investment in small business lending will allow more entrepreneurs in Montana and across the West to start or grow businesses and create good jobs,” says Heidi DeArment, President and CEO of MoFi. “Access to capital is critical for entrepreneurs to grow, and our economy depends on the businesses and opportunities they build in our communities.”

“Montana State University is committed to equipping students, alumni, and community members with the skills and connections they need to build businesses that will benefit our state and nation,” says Dr. Brock F. Tessman, President of Montana State University. “This investment strengthens education, innovation, and community impact in ways that support MSU’s land-grant mission and entrepreneurs across Montana.”

The $500,000 in philanthropic grants each to MoFi and MSU, as well as the $2 million line of credit for MoFi, are part of Capital One’s deployment of our Community Benefits Plan (CBP), a five-year, $265 billion commitment, which includes increased access to credit and tools for small businesses.

Today’s announcement coincides with a convening in Bozeman hosted by Capital One in partnership with the Montana Chamber of Commerce and CORI. The event brings together local and regional leaders, including Montana Governor Greg Gianforte, to discuss what helps entrepreneurs thrive and how public-private partnerships can unlock capital, scale impact, and support long-term economic growth. 

“My wife, Susan, and I founded a company that became the largest employer in Bozeman and know how important access to capital can be in helping start and grow a business,” says Governor Gianforte. “We’re grateful for Capital One’s investment in Montana and for its support of the entrepreneurs who are creating more good-paying jobs, strengthening our workforce, and expanding opportunities for Montanans.”

The program opens with a fireside chat with Governor Gianforte focused on Montana’s economic momentum and the factors driving growth across the state. This is followed by a panel featuring statewide leaders on how Montana can serve as a scalable model for rural entrepreneurship, and a final session that convenes local community, academic and business leaders to discuss rural economic drivers and the strategies used to transform Bozeman into a bright spot for entrepreneurship.

Montana ranks third in the nation for self-employment, underscoring the extent to which entrepreneurial activity drives economic growth across the state. Bozeman serves as the site of the convening because it reflects that momentum, boasting a regional self-employment rate of 17%, well above the rural national average of 12%, and a 41% increase in the total number of businesses between 2010 and 2022—nearly four times the national growth rate of 11%.

“Montana’s economy continues to exceed expectations and attract new investment. Our growth is driven by a high caliber workforce and leading entrepreneurial spirit that is growing industries like technology, outdoor recreation, construction and hospitality,” says Todd O’Hair, President and CEO of the Montana Chamber of Commerce. “The support and interest of Capital One and the Center for Rural Innovation helps ensure businesses across our state can continue to grow and compete.”

“Montana leads the nation in entrepreneurial spirit and innovation, and our pro-business outlook is a large reason why Montana is a great place to live, work, and raise a family,” says Senator Steve Daines (R-MT). “Capital One and the Montana Chamber of Commerce represent diverse industries that drive Montana’s economy forward and help our businesses thrive—thank you for your leadership.”

The Bozeman event is part of a broader partnership between the Capital One Insights Center and CORI, which aims to help local leaders make informed decisions about how to support entrepreneurs based on key measures of local entrepreneurial activity. Through this partnership, the Insights Center pairs its expertise with CORI’s research to identify regional patterns and uncover the key drivers of rural growth.

“Rural communities have extraordinary talent and determination, but they lack the investment and attention they deserve. Strong economic development starts with honest dialogue, good data, and a place-based understanding of what entrepreneurs need to thrive in the communities they call home,” says Matt Dunne, founder & CEO of CORI. “When you bring local and national leaders together and pair that with real investment and solid research, you build a stronger foundation for rural entrepreneurs to build, grow, and lead.”

As part of this work, the Capital One Insights Center and CORI launched the Rural Entrepreneurship Index. The Index combines data on business formation, self-employment, and innovation to show where rural economic activity is accelerating and the factors shaping local growth. By analyzing these indicators together, the Index offers a clear, evidence-based view of how rural economies are evolving, helping local leaders identify strengths and opportunities to apply targeted resources.

Insights from the Bozeman event will inform a forthcoming report from the Capital One Insights Center and CORI. The report will draw on the discussions in Bozeman—highlighting the factors influencing rural entrepreneurship today and practical takeaways to drive innovation and opportunity in rural America. It is expected to be released this summer.

“I want to extend my sincere thanks to the Montana Chamber of Commerce and Capital One for their dedication to our state. Your work to expand access to capital and scale the impact of local businesses is creating long-term economic stability for hardworking Montana families. Furthermore, the partnership between the Capital One Insights Center and the Center on Rural Innovation will provide our communities with the data-driven research needed to stay competitive in a changing economy,” says Senator Tim Sheehy (R-MT). “As a fellow business owner, I know firsthand the challenges you face and the difference a strong support system can make. These partnerships aren’t just about ‘economic development’ in the abstract; they are about providing every Montanan with the chance to build a legacy. Thank you for being here and for your commitment to the success of our great state.”

Capital One Financial Corporation (NYSE: COF) is a leading technology-based financial services company with $489.1 billion in deposits and $682.9 billion in total assets as of March 31, 2026. Headquartered in McLean, Virginia, the company operates as a premier global payments provider and diversified financial institution, delivering a broad suite of products and consumer lifestyle and shopping experiences through its Credit Card, Consumer Banking including its Global Payment Network, and Commercial Banking lines of business. As the only major U.S. bank to migrate entirely to the public cloud, Capital One leverages proprietary data and advanced analytics to democratize financial tools across its primary markets in the United States, Canada, and the United Kingdom. 

The Center on Rural Innovation (CORI) builds the infrastructure for inclusive innovation in rural America. As a national nonprofit, CORI works with a growing network of communities across the country to develop tech-based economies by supporting local leaders, learners, and founders. Combining data, capital, and hands-on partnership, CORI helps rural regions create jobs, launch startups, and compete in the digital economy. Its work has supported more than 400 startups, 1,000 tech jobs, and $238 million in follow-on investment. CORI’s model ensures rural communities are the drivers of the innovation economy. Learn more at ruralinnovation.us. 

Established in 1937, the Montana Chamber of Commerce is the state’s largest business advocacy organization serving its 2,000 members, from sole proprietors to publicly traded companies, and all industry sectors located throughout the 56 counties of the Treasure State. The Montana Chamber is guided by Envision 2026, a 10-year strategic plan which aims to grow Montana’s economy by improving the business climate, ensuring appropriate infrastructure investment, developing a skilled workforce, and promoting entrepreneurship. For more information, visit www.montanachamber.com

MoFi is a nonprofit Community Development Financial Institution (CDFI) operating across the Rocky Mountains, Pacific Northwest, and Great Plains, with offices in Missoula, Bozeman, Boise, and Salt Lake City. MoFi’s mission is to provide financing and business consulting that transforms lives and communities. Since 1986, MoFi has focused on one big goal: making the financial system work for everyone.

Montana State University is Montana’s land-grant university, dedicated to expanding access to life-changing education and advancing knowledge through teaching, research, and service. Founded in 1893, MSU serves students across the state and beyond with hands-on learning, world-class research, and strong community partnerships. With campuses, agricultural experiment stations, and Extension offices statewide, MSU brings innovation directly to Montana’s people and industries. With record-setting annual research expenditures, it is one of only 187 universities in the nation designed at R-1 for having “very-high research activity” by the Carnegie Classification of Institutions of Higher Education. The university is committed to student success, workforce development, and creating leaders who strengthen communities, fuel economic growth, and improve lives in Montana and around the world.