HomeMy WebLinkAbout05-24-22 Correspondence - USDA - USDA INvests Millions to Expand Market Opportunities for Rural Montana BusinessesFrom:USDA Rural Development MontanaTo:AgendaSubject:USDA Invests Millions to Expand Market Opportunities for Rural Montana BusinessesDate:Tuesday, May 24, 2022 8:09:13 AM
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USDA Rural Development - Together, America Prospers
News Release
Rural Development
2229 Boot Hill Court
Bozeman, MT 59715
www.rd.usda.gov/mt
Contact:
Sue Kerver
(406) 312-0190 (Cell)
(406) 585-2587 (Office)
Suzanne.Kerver@usda.gov
USDA Invests Millions to Expand Market
Opportunities for Rural Montana Businesses
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.
Background:
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 lad.barney@usda.gov.
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.
If you’d like to subscribe to USDA Rural Development updates, visit our GovDelivery
subscriber page.
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