USDA RURAL DEVELOPMENT PRESENTS $500,000 CHECK TO FLATHEAD VALLEY ORGANIZATION FOR EXPANSION OF REVOLVING LOAN FUND

            WHITEFISH, March 14, 2007 –USDA Rural Development Area Director, Mark Schirm, presented a $500,000 check to Montana West Economic Development (MWED) at a ceremony in Whitefish. This check represents a loan provided by Rural Development through the Intermediary Relending Program (IRP) for the expansion of MWED’s revolving loan fund.

 MWED’s revolving loan fund provides start-up money or gap financing to emerging businesses within Flathead, Lake, Lincoln, and Sanders counties. Some of the fund uses include business acquisition, machinery and equipment purchases, start-up costs, and working capital. The ceremony was held at Rocky Mountain Tile and Stone in Whitefish, a previous recipient of MWED’s revolving loan fund, and a great example of the fund’s success.

 “The expansion of this revolving loan fund will help save approximately 35 jobs and create about 40 jobs in the Northwest Montana area,” said Schirm. “The businesses that will be assisted by this program help increase economic development and provide good jobs for Flathead Valley residents. Rural Development is very pleased to be a partner is this program.”

 The Rural Development program that made this project possible is called the Intermediary Relending Program (IRP). The purpose of the program is to increase economic activity and employment in rural communities. Financing is targeted primarily towards smaller and newly created businesses, and works in partnership with other public and private resources

 USDA Rural Development helps rural Americans to develop, to grow, and to improve their quality of life by targeting financial and technical resources in areas of greatest need through activities of greatest potential. Rural Development's mission is to deliver programs in a way that will support increasing economic opportunity and improve the quality of life of rural residents. Rural Development has invested over $72 billion since the beginning of the Bush Administration to provide equity and technical assistance to finance and foster growth in homeownership, business development, and critical community and technology infrastructure. As a result, over 1.5 million jobs have been created or saved through these investments. Further information on rural programs is available at a local USDA Rural Development office or by visiting Montana Rural Development’s web site at http://www.rurdev.usda.gov/mt/

 

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