U.S. Department of Commerce Invests $600,000 to Establish Revolving Loan Fund to Serve Businesses in Northern Montana
WASHINGTON – Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $600,000 grant to the Bear Paw Development Corporation of Northern Montana, Havre, Montana, to capitalize a Revolving Loan Fund that will provide businesses in Northern Montana with the financing they need to meet working capital needs and address potential debt restructuring. This EDA grant, to be matched with $150,000 in local investment, is expected to attract $1.5 million in private investment and create 20 jobs.
“The Trump Administration is working diligently to create American jobs and keep U.S. businesses thriving,” said Dana Gartzke, Performing the Delegated Duties of the Assistant Secretary of Commerce for Economic Development. “This EDA investment will greatly benefit Northern Montana’s regional economy by assisting businesses that may not be able to obtain traditional bank financing for their capital needs.”
This project was made possible by the regional planning efforts led by the Bear Paw Economic Development District (BPEDD), which EDA funds to bring together the public and private sectors to create an economic development roadmap to strengthen the regional economy, support private capital investment and create jobs.
About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation's regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.