BOZEMAN, Mont., May 24, 2022 – United States Department of Agriculture (USDA) Rural Development Montana State Director Kathleen Williams today announced that the Department is investing over $12 million to help create new and better market opportunities for rural businesses in Montana.
"The loan guarantees we’re announcing today demonstrate how USDA works with local lenders to help businesses in rural Montana expand," stated Williams. "Through federal backing of these loans that might not otherwise be feasible, companies can hire more workers, provide more services, and reach new customers, thereby benefitting more Montana businesses and adding value in our communities.”
Montana's projects include:
- A $4,397,537 Business and Industry Loan Guarantee through Freedom Bank in Columbia Falls was issued to OHS' Auto Body Inc. & CVR Holdings LLC. This funding will be used to refinance a current Small Business Administration (SBA) loan lo a lower interest rate. OHS' Auto Body Inc. is a small business with a full-time staff of 43 employees. Their four shop locations serve Polson, Whitefish, Columbia Falls and Kalispell, as well as the surrounding Flathead Valley. Refinancing will save the company approximately $8,000 per month.
- A $7,840,000 Business and Industry Loan Guarantee through Opportunity Bank in Bozeman was issued to Montana Hotel Group LLC. This funding will be used to purchase the existing Comfort Suites hotel located in Bozeman. The Comfort Suites Hotel, which is less than ten miles from the Bozeman Yellowstone International Airport, first opened in 2013 and has 80 rooms. This investment will provide the business with increased cash flow and allow the owner to create two new jobs to expand their employee base to 22.
Montana's awards are part of a national announcement in which USDA is making 155 investments through three programs specifically designed to create economic opportunities for people and businesses in rural areas. These programs are the Business and Industry (B&I) Loan Guarantee Program, the Rural Economic Development Loan and Grant Programs, and the Rural Microentrepreneur Assistance Program. A complete list of awards may be found here.
The awards are being made in Alabama, Alaska, Arkansas, Arizona, California, Colorado, Delaware, Florida, Georgia, Idaho, Illinois, Iowa, Kentucky, Louisiana, Michigan, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, South Carolina, South Dakota, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wyoming and Puerto Rico.
For more information about these programs, please contact Montana's Business and Cooperative Programs Director, Lad Barney, at (406) 309-3350 or firstname.lastname@example.org.
USDA Rural Development is an investor, ally and advocate for rural America and provides loans and grants to help expand economic opportunities and create jobs in rural areas. This assistance supports infrastructure improvements; business development; housing; community facilities such as schools, public safety and health care; and high-speed internet access in rural areas. For more information, visit www.rd.usda.gov/mt.
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USDA is an equal opportunity provider, employer, and lender.