HELENA, Mont. – The Department of Commerce has closed on a loan to one of Ravalli County’s largest employers, preserving 83 full-time jobs.
Loaned to Rocky Mountain Homes in Hamilton through the Economic Development Administration Wood Products Revolving Loan Fund (WPRLF), the $1.6 million loan of federal funds will help the business to bridge a gap in working capital.
“Businesses working in the wood products sector have a major impact on the livelihood of their local communities, so it’s critical for them to be successful,” said Jenny Pelej, division administrator for the Montana Office of Tourism and Business Development at Commerce. “This program provides a kind of support businesses can’t find anywhere else.”
The WPRLF program helps businesses create or retain jobs during economic hardship after they have exhausted other lending options. Recipients must match the loan amount with at least two dollars for every dollar loaned.
In 2009, the Montana Legislature created a loan program to assist Montana’s distressed wood products industry businesses in response to low demand for wood products. All original funds have been loaned, but due to ongoing payments from existing loan recipients, the WPRLF program continues to have funds available for new loans. Currently the program has $2.2 million available to lend between federal and state funds.
Learn more at the Wood Products Revolving Loan Fund website.