MONTANA DEPARTMENT OF COMMERCE
Business Resources Division
FOR IMMEDIATE RELEASE:
December 12, 2013
Andy Poole, Administrator, Business Resources Division, (406) 841-2707
Ronja M. Abel, Communications Director, (406) 841-2557
Montana Department of Commerce Economic Development Funds Awarded
Four Grants and One Loan Given by the Montana Department of Commerce
(Helena, MT) – The Montana Department of Commerce awarded a total of $337,975 in economic development funds to four organizations to promote business growth across the state.
The Department awarded three Big Sky Economic Development Trust Fund (BSTF) Category II Planning Grants – $20,475 to Headwaters RC&D Area, Inc. in Butte and two $26,250 awards to Bitterroot Economic Development District, Inc. in Missoula. The Department also awarded one Community Development Block Grant Economic Development (CDBG-ED) grant of $15,000 to Broadwater County and provided $250,000 in CDBG-ED loan funds to Ravalli County.
“These funding programs help grow businesses, assist communities as they plan for future development and create jobs,” said Meg O’Leary, Director of the Montana Department of Commerce. “They are essential economic development tools that expand Montana’s economy and leverage the investments made by local organizations in our communities.”
The grant awards include the following:
Bitterroot Economic Development District, Inc., located in Missoula, received $26,250 in BSTF Category II funds to assist Consumer Direct Management Solutions with the completion of a feasibility study that will determine the viability of expanding the company from a regional to national capacity.
Headwaters RC&D Area, Inc., located in Butte, received $20,475 in BSTF Category II funds to assist Anaconda Local Development Corporation with the completion of a master plan which will include a feasibility study for a 5-star RV Park next to the Old Works Golf Course in Anaconda.
Bitterroot Economic Development District, Inc., received a second BSTF Category II grant of $26,250 to assist Missoula County with the completion of an industrial lands assessment that encompasses all of Missoula County. This assessment will inventory industrial land throughout the county, gauge the level of suitability to meet existing industry needs and determine infrastructure gaps that may exist in accommodating industrial growth.
Broadwater County received $15,000 in CDBG-ED funds to assist with the development of a Preliminary Architectural Review (PAR)/Capital Improvement Plan (CIP) for Broadwater Hospital. This will provide a current and long-term vision of the health care needs of the community as well as identify the hospital’s gaps and overlaps in services.
The loan award was made as follows:
Ravalli County received $250,000 in CDBG-ED loan funds to lend to Bitterroot Tool & Machine for the construction of a new building in connection with Bitterroot Tool & Machine’s business expansion.
The Big Sky Economic Development Trust Fund (BSTF) Program is a state-funded program to promote good-paying jobs and promote long-term, stable economic growth in Montana. BSTF can provide grant or loan assistance to basic sector Montana businesses who are hiring net new positions within their company. Additional information about the BSTF Program can be found at http://bstf.mt.gov.
The Community Development Block Grant Economic Development (CDBG-ED) Program is a federally-funded program to stimulate economic development activity by assisting Montana’s private sector to create or retain jobs for low and moderate income (LMI) persons. Additional information about the CDBG-ED Program can be found at http://cdbged.mt.gov.
For more information, contact Andy Poole, Administrator, Business Resources Division, at (406) 841-2707 or e-mail email@example.com.