Commerce’s Revolving Loan Fund Brings Revitalization and Jobs to Hamilton
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HELENA, Mont. – The Montana Department of Commerce announced today that last year, $24 million in tourism loan funding was allocated to economic development organizations across the state to help grow local economies and create and retain jobs. This funding is through Commerce’s Tourism Development and Enhancement Revolving Loan Fund Program.
“The Tourism Development and Enhancement Revolving Loan Fund Program creates a public-private partnership between the State and local economic development organizations. This partnership allows local EDOs to lend funding to tourism-related businesses to help generate good-paying jobs for Montanans while promoting long-term, stable economic growth in Montana’s tourism economy,” said Commerce Director Marta Bertoglio.
In the first six months of the program, over $4.8 million was loaned out. During that time, one loan for over $1.1 million was awarded to the Ravalli County Economic Development Authority to lend funding to the Lost Horse Lodge in Hamilton.
Originally a roadside saloon in the late 1800’s, the lodge was a gathering place for loggers and travelers. Over time, the business evolved into a full-service inn with a restaurant, banquet hall, guest cabins and outdoor recreation access. Due to financial hardships, the business was closed for twelve years until new owners Ryan and Nicole Meacham and Darren Rawson saw its future potential through revitalization.
Facing the challenges of financing a rural resort that needed thousands of dollars' worth of deferred maintenance, its owners leveraged additional loan funds from the RCEDA for commercial kitchen equipment and operations to help restore essential services and create a renewed destination that appeals to tourists, families, corporate groups and residents while keeping its history and usage as a gathering place intact.
State representatives Terry Nelson, Kathy Love and David Bedey recently joined RCEDA and Commerce staff as well as community leaders to tour the lodge and downtown Hamilton to see the next loan pursuits for the Hamilton Downtown Foundation.
RCEDA Executive Director Julie Foster said, “We know that Lost Horse Lodge can and will move the dial on the $64.6 million spent in Ravalli County. The owners have transformed a property that was in decline for more than a decade into a fantastic tourist and local establishment, providing an authentic Montana experience adjacent to our beautiful national forest. RCEDA is proud to have the resources to provide a bit of support for this great business.”
Early job projections from the lodge were eight employees; it now employs thirty people, more than doubling initial plans. The resort pays competitive wages and also offers some on-site employee housing.
Commerce awards program funds as grants to eligible applicant economic development organizations, which must use those monies to create new revolving loan funds that support Montana’s tourism economy. To learn more about Commerce’s tourism grant programs, visit commerce.mt.gov or email tourismgrants@mt.gov.
“The Tourism Development and Enhancement Revolving Loan Fund Program creates a public-private partnership between the State and local economic development organizations. This partnership allows local EDOs to lend funding to tourism-related businesses to help generate good-paying jobs for Montanans while promoting long-term, stable economic growth in Montana’s tourism economy,” said Commerce Director Marta Bertoglio.
In the first six months of the program, over $4.8 million was loaned out. During that time, one loan for over $1.1 million was awarded to the Ravalli County Economic Development Authority to lend funding to the Lost Horse Lodge in Hamilton.
Originally a roadside saloon in the late 1800’s, the lodge was a gathering place for loggers and travelers. Over time, the business evolved into a full-service inn with a restaurant, banquet hall, guest cabins and outdoor recreation access. Due to financial hardships, the business was closed for twelve years until new owners Ryan and Nicole Meacham and Darren Rawson saw its future potential through revitalization.
Facing the challenges of financing a rural resort that needed thousands of dollars' worth of deferred maintenance, its owners leveraged additional loan funds from the RCEDA for commercial kitchen equipment and operations to help restore essential services and create a renewed destination that appeals to tourists, families, corporate groups and residents while keeping its history and usage as a gathering place intact.
State representatives Terry Nelson, Kathy Love and David Bedey recently joined RCEDA and Commerce staff as well as community leaders to tour the lodge and downtown Hamilton to see the next loan pursuits for the Hamilton Downtown Foundation.
RCEDA Executive Director Julie Foster said, “We know that Lost Horse Lodge can and will move the dial on the $64.6 million spent in Ravalli County. The owners have transformed a property that was in decline for more than a decade into a fantastic tourist and local establishment, providing an authentic Montana experience adjacent to our beautiful national forest. RCEDA is proud to have the resources to provide a bit of support for this great business.”
Early job projections from the lodge were eight employees; it now employs thirty people, more than doubling initial plans. The resort pays competitive wages and also offers some on-site employee housing.
Commerce awards program funds as grants to eligible applicant economic development organizations, which must use those monies to create new revolving loan funds that support Montana’s tourism economy. To learn more about Commerce’s tourism grant programs, visit commerce.mt.gov or email tourismgrants@mt.gov.
Tags: Business and Press Release
