HAVRE, Mont. (NMB) –The U.S. Department of Commerce has awarded a $1.7 million CARES Act Recovery Assistance grant to Bear Paw Development to capitalize and administer a Revolving Loan Fund to provide financing to coronavirus-impacted small businesses in the area.
Bear Paw Development Executive Director Paul Tuss says this grant will provide a boost to the local economy.
“We’re very excited to be able to expand our Revolving Loan Fund, which is already one of the largest in Montana, to help our entrepreneurial community grow and prosper. These specific funds are intended to assist those businesses that have been adversely impacted by the pandemic. So that is the reason, in part, that we received these funds.”
Both of Montana’s U.S. Senators issued statements on the awarding of the grant, and Tuss says they have been supportive of Bear Paw’s work.
“Both of our Senators have been very supportive of funding from the federal government for the Economic Development Administration. Of course, both of the Senators have also been very supportive of the mission of Bear Paw Development. We certainly consider both of those individuals key allies with us at the federal level.”
A press release states that the grant is expected to create 50 jobs, retain 70 jobs, and generate $3 million in private investment.
Tuss encourages anyone interested in starting a business, as well as current business owners, to consider reaching out to Bear Paw Development to apply for funding.