Grant from Create Jobs for USA Fund Spurs Job Creation in Montana January 11, 2012 Montana CDC has received a capital grant from the Create Jobs for USA Fund, a collaboration between Starbucks and Opportunity Finance Network (OFN). The money will help Montana CDC create and sustain jobs in Montana as part of a national campaign to support community businesses in underserved communities.
News in 2011:
Libby Project Wins Top Award October 27, 2011 Last week, Montana CDC's $17 million Stinger Welding expansion project in Libby, Montana received the top award for best use of New Markets Tax Credits among projects from across the country. The award was presented to Montana CDC by the Novogradac Community Development Foundation during its annual New Markets Tax Credit Conference in Chicago last week. Through collaboration and access to the latest financing tools, Montana entrepreneurs can do truly great things for themselves and their communities - truly, great, award-winning things.
New Tools for Montana Small Businesses October 11, 2011 Montana CDC has two new tools to help small businesses in Montana. We were recently approved as an SBA 7(a) Community Advantage guaranteed lender and were included in a new U.S. Treasury Department program. With these new tools, Montana CDC can help more people build businesses and economic opportunities for themselves and their communities.
MCDC is New Host to Kalispell PTAC August 8, 2011 Previously hosted by the Kalispell Chamber of Commerce, the PTAC is now managed by MCDC, but will continue to be located in the Kalispell Chamber's Flathead Regional Business Center. MCDC also hosts the Missoula PTAC, which has proven to be a great complement to MCDC's business financing and consulting products, bringing additional resources to small businesses under one roof. MCDC looks forward to bringing this same combination of business resources to the Kalispell area, and to have Doug Bolender, Subcenter Director of the Kalispell PTAC, on the team.
U.S. Treasury Awards MCDC $1.5 Million to Lend Out to Small Businesses August 8, 2011 Great news for Montana businesses! The U.S. Treasury Department recently announced that MCDC was one of several organizations nationwide to receive the top dollar award of $1.5 million to lend out to small businesses around the state. Using previous CDFI funding, MCDC has provided over 40 entrepreneurs throughout the state with loans to start or grow their small businesses. In Bozeman, Katherine Dayton used MCDC financing to purchase Visions Service Adventures, which allows high-school students to participate in community service in cross-cultural communities.
S17 Million Commercial Project for Libby, Montana July 21, 2011 MCDC announced the closing of $17 million in financing to complete the construction of a new steel fabrication plant for Stinger Welding Inc. in Libby, Montana. U.S. Senator Max Baucus, MCDC, Stinger Welding Inc. and the Urban Investment Group at Goldman Sachs each played a critical role to complete the financing of the plant, which will create over 100 new jobs at Stinger’s plant, returning a major industrial employer to Libby.
S7.5 Million Commercial Building Project Continues Revitalization of Helena's Historic Last Chance Gulch Area July 18, 2011 MCDC announced today the closing of its second New Markets Tax Credit project in Helena: a new $7.5 million commercial building for Helena’s historic downtown. It will house the Browning, Kaleczyc, Berry, and Hoven, P.C. law firm, provide for additional office space and bring new jobs to Helena. Helena is the only city in Montana to have two New Markets Tax Credit Projects, the first being the Capital City Health building at the site of the former Smith Grocery Building.
SBA Awards $750,000 in Small Business Funds to MCDC June 29, 2011 This week brought good news for Montana entrepreneurs, as $750,000 in microloan funds was awarded to MCDC to lend out to small businesses across the state! The Small Business Administration (SBA) presented MCDC with $750,000 in loan funds to create business growth throughout Montana. MCDC has used its previous SBA funding to build thriving businesses around the state. In Missoula, Sonia Mussiett was able to open her downtown store, Events Boutique, with a SBA microloan. MCDC is the only provider of SBA micro funds and is eager to get this funding out the door and into the hands of small businesses that need the extra help to start or grow their business.
MCDC's Business Consulting and Loan Program Keeps Local Childcare Business Thriving June 3, 2011 Katie Watterson and Correy Harrison are co-owners of Sunflower Montessori, an established and respected Missoula preschool and daycare. When the landlord put one of their buildings up for sale, Katie and Correy needed to act fast to avoid disruption of their business. MCDC recognized the huge impact Sunflower Montessori has in the Missoula community, where quality daycare is in short supply. MCDC acted fast with its business consulting services and an MCDC childcare loan, funded with CDFI American Recovery and Reinvestment Act financing. With the flexibility of MCDC’s loan program and the dedication of its business consultants, Sunflower Montessori was able to continue providing the working families of Missoula with quality childcare services.
MCDC was chosen as one of 21 community financial institutions nation-wide to participate in a prestigious small business collaborative established by Goldman Sachs. MCDC's opportunity to participate in this important collaborative arose out of the 2010 Butte Economic Summit hosted by U.S. Senator Max Baucus where MCDC representatives had a seat at the table with the global investment company. The new 3-year initiative helps community financial institutions like MCDC build knowledge and capacity to make more loans to small businesses in Montana. MCDC’s partnership in The Goldman Sachs 10,000 Small Business CDFI Growth Collaborative means that Montana businesses will have access to the latest small business financing ideas and resources through MCDC. MCDC Loan Grows Family Business in Eastern Montana April 10, 2011 The recent economic downturn hit a variety of Montana businesses. Many experienced significant sales decreases, making it difficult to show strong financials and qualify for loans. At MCDC we can help good businesses who simply had an off year. Recently, we partnered with Big Sky EDA in Billings to keep a family-owned business on track with their growth plans despite the tough economy. With a recently opened office in downtown Bozeman, MCDC now offers its full range of services to small businesses in Eastern Montana, allowing further collaboration with local banks and community development partners.
MCDC Client Receives Funding for Expansion and Quality Job Creation March 22, 2011 Rivertop Renewables, a producer of environmentally friendly chemicals, has received a large grant to expand their Missoula business. The $200,000 grant from the City of Missoula will be used to purchase advanced equipment and to fund the hiring of 25 additional employees in the next few years. The funding promotes long term economic growth in the area by providing the needed funding to create more high paying jobs. MCDC helped Rivertop Renewables get off the ground with business consulting and the financing to purchase the equipment for their research and development lab along the Clark Fork when they first launched production in 2008. Congratulations to this extremely innovative business!
MCDC Opens New Office in Downtown Bozeman March 11, 2011 MCDC has opened an office in Downtown Bozeman. The office is located in the Baltimore Building next to First Security Bank. The downtown office will house Gary Slane, MCDC’s New Client Accounting Advisor, MCDC Loan Officer (Sarah Fitzgerald), and Bozeman SBDC Business Advisor (Ryan Hansen). Since July 2010, MCDC’s office has been located in the Bozeman Chamber of Commerce, staffed by Gary Slane and offering small business consulting to new and existing businesses in the Gallatin and Park Counties. With the addition of a loan officer, a client accounting advisor, and larger office space, MCDC can offer its full range of services to small businesses in Eastern Montana. The downtown location allows MCDC to work closely with its local bank and community development partners.
MCDC Receives $56 Million for NMTC Projects in Montana February 25, 2011 Great news for Montana communities! MCDC just received $56 million in federal tax credits for revitalization projects in low-income communities across Montana. This is MCDC’s second New Markets Tax Credit award and it would not have been possible without our statewide partners.
Childcare Business Continues to Grow with MCDC Loan February 22, 2011 When Penny Hume needed financing to expand the space for her rapidly growing daycare center, Penny's Playpen, she went to her local bank. Unable to provide Penny with the loan she needed, her bank referred her to MCDC for business assistance and financing. MCDC worked with Penny to get her business package together and provided her with a Childcare loan so she could continue to provide quality daycare to the rural Bitterroot communities. With its small business consulting and flexible lending programs, MCDC is a great resource to rural communities, working with local banks to put together the best deal for dedicated entrepreneurs like Penny.
MCDC Rural Loan Brings Economic Growth to Flathead Reservaton January 27, 2011 Rob and Cindy Erhardt, owners of Silvertip Retrievers, were able to grow their competitive dog training business in the rural town of Ronan with the help of a MCDC Native American Loan and funding through the USDA Rural IRP program. With MCDC financing and business consulting, Silvertip Retrievers has the ability to host large field trial competitions, bringing tourist revenue to other businesses on the Reservation and contributing to the overall economic vitality of the rural area. With its rural funding, MCDC provides these small businesses the access to capital, creating and retaining jobs in rural communities.
MCDC is New Host to Missoula PTAC January 10, 2011 The Missoula PTAC has moved to the Missoula MCDC office. Located throughout Montana, PTACs help small businesses compete in government marketplaces, offering individual counseling, procurement information and other contracting resources. MCDC is excited to be host to such a great resource for small businesses, and to have Paulette Drozda, manager of the Missoula PTAC, on the team. Paulette and Craig Rawlings, MCDC’s Forest Business Consulting Manager, have already teamed up to assist PTAC client, R&R Conner Aviation in Conner, Montana, with a new opportunity in the timber industry (website and picture above). Read more about the business services provided by the Missoula PTAC on our website.
