A Columbia Falls success story
It’s no secret the economic fabric of Columbia Falls has changed over the past number of years. For decades the city reigned as the industrial hub of the Flathead Valley with good-paying jobs in both the aluminum and wood-products industries.
With Columbia Falls Aluminum Co. shuttered since 2009 and likely closed down permanently, plus ongoing challenges in the timber industry, the time came for Columbia Falls to look toward diversifying its business sector. And unbeknownst to many, that’s exactly what is happening.
A mix of new entrepreneurial start-ups, plus a revolving loan program and local banks willing to work with these businesses, have combined to create a proverbial win-win situation in the North Valley community.
Since Columbia Falls’ loan program began in 2002, $2.1 million has been invested in businesses there.
The program is a collaborative effort between the city of Columbia Falls and Montana West Economic Development that grew out of a discussion between the City Council and Freedom Bank President Don Bennett about the need for local gap financing.
The city applies for the economic development loans through the Community Development Block Grant program — federal money channeled through the state — and Montana West administers the loans. During a recent Columbia Falls Chamber of Commerce lunch meeting, several business owners who have received the low-interest loans lauded the program.
The loans are tied to job creation. The more money a business gets, the more jobs must be created. As money is paid back, it’s reloaned to other businesses. What’s exciting is the economic diversity that has been created in Columbia Falls through this program. Businesses helped by the financing run the gamut, from a hostel to a company manufacturing cross-laminated timber.
This collaborative effort involves many people, but a few leaders deserve special recognition for their roles. Columbia Falls City Manager Susan Nicosia has been instrumental in putting new business owners who stop at City Hall for any number of inquiries into the revolving loan program pipeline. She works closely with Montana West Vice President of Finance Tina Oliphant and other Montana West staff members. Many local banks have been involved in financing these small businesses, but Freedom Bank’s Don Bennett deserves a tip of the hat for bringing the need for gap financing to the city’s attention.
True to its hard-working roots, Columbia Falls has figured out a way to stay strong and grow even during the most challenging circumstances.
Editorials represent the majority opinion of the Daily Inter Lake’s editorial board.