HAVRE, Mont. (NMB) – Bear Paw Development Corporation has announced a $750,000 revolving loan fund to assist existing business owners and aspiring entrepreneurs with their start-up expansion needs.
The announcement comes after they were awarded $600,000 in federal funds by the U.S. Economic Development Administration (EDA), which they plan to match with $150,000 in their own funds.
Bear Paw Development Executive Director Paul Tuss said that this new fund is expected to attract $1.5 million in private investment and will add to their estimated $8 million in already existing loan funds.
“Frankly, we’re running low on loan funds. So this is a wonderful opportunity to replenish our loan fund and let the business community know that if they have needs in the financing arena, we’re certainly available to assist them with those.”
The paperwork to secure the actual dollars is being finalized as Bear Paw Development continues discussions with the EDA.
(EDA) has been a partner with Bear Paw Development since the late 1960’s. So they certainly understand the need for investing in rural America. But we accentuate that whenever we have the opportunity in speaking with them. So as part of the application that we put together to secure the $600,000 from them, we let them know about how important it is to not only invest in more rural areas, not only in rural and indeed, frontier areas in Montana and throughout the United States.”
Individuals interested in starting a business and have financing needs, as well as existing business owners looking to expand, can contact Bear Paw Development at 265-9226.
Bear Paw Development’s business lending program was created in the late 1980’s, they have approved more than 400 loans to northern Montana businesses and helped the private sector create or retain over 1,600 jobs.
Bear Paw Development serves Liberty, Blaine, Phillips and Chouteau Counties, as well as the Rocky Boy’s and Fort Belknap Reservations. It is the longest-serving Economic Development District in Montana.
