Commerce’s new Revolving Loan Program allocates $24M to support MT tourism industry
Program offers loans to local tourism-related businesses
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News from Mitch Staley, Montana Department of Commerce
HELENA - The Montana Department of Commerce announced today that $24 million of grant funding has been awarded to 12 local economic development organizations to generate revolving loans to further develop and enhance Montana’s tourism industry. The funding is through Commerce’s Tourism Development and Enhancement Revolving Loan Fund Program.
“The Tourism Development and Enhancement Revolving Loan Fund Program creates a public-private partnership between the State of Montana and local economic development organizations, with the sole purpose of further developing our tourism economy,” said Paul Green, Director of the Montana Department of Commerce.
Through this loan program, Commerce will award funding as grants to eligible economic development organizations. The EDOs must use that money to create new revolving loan funds that will retain or expand existing tourism-related businesses, encourage workforce development, create good-paying jobs and promote long-term economic growth in Montana’s tourism economy.
Tourism Development and Enhancement Revolving Loan funding has been awarded to these EDOs:
Mission West Community Development Partners will receive $3,500,000 of grant funding.
For more information about this program, visit commerce.mt.gov.
