Loans available for wood businesses

The Daily Inter Lake

An informational meeting on a new loan program for the woods products industry, funded with federal stimulus dollars, will be held at Flathead Valley Community College on Tuesday.

Montana West Economic Development is inviting wood-products-industry businesses, as well as associated loan bankers, to get information on the Montana Distressed Wood Products Industry Recovery and Stabilization Loan Program.

The meeting will be led by Charlie Wright, regional development officer for the Montana Department of Commerce Business Resources Division.

The program offers $11.3 million in loan funds to a variety of individuals and businesses in the wood products industry, including sawmills, plywood plants, paper and linerboard manufacturers, bark and by-product related industries, round-wood producers and wood-chip processors.

The purpose of the program is to "create or retain long-term employment opportunities for Montana and provide long-term economic benefits to Montana communities."

Loan amounts are based on the number of jobs created or retained, with maximum funding at $20,000 for every job "created or retained."

Loans can be used for land purchases or leases, equipment purchases or leases, updating infrastructure, working capital, debt service, acquisition, construction or rehabilitation of commercial or industrial buildings.

The meeting will be held in the FVCC Arts and Technology Building, Room 139, starting at 7 p.m. For more information in the Flathead area, contact Wade Elder at 758-7738.