|
The program established by this act is now administered by the Department of Commerce, which is the principal point of contact for a company applying for a grant under the program. A seven-member Grant Review Committee ("Committee"), consisting of both public and private members, makes the actual grant award decisions and adopts the administrative rules to implement the workforce training grant program. Currently there is a maximum of $1.3 million available annually to make workforce training grants to companies in Montana.
The legislative purpose of the Big Sky Economic Development Trust Fund is to:
Create good-paying jobs for Montana residents
Promote long-term, stable economic growth in Montana
Encourage local economic development organizations
Create partnerships between the state, local governments, and local economic development organizations that are interested in pursuing these same economic development goals
Retain or expand existing businesses
Provide a better life for future generations through greater economic growth and prosperity in Montana.
The Business Resources category of Montana's Community Development Block Grant Economic Development (CDBG-ED) Program is designed to stimulate economic development activity by assisting Montana's private sector to create or retain jobs for low and moderate income (LMI) persons. The program assists businesses by making fixed-rate financing available to them at reasonable interest rates and by providing public improvements in support of economic development activities. CDBG-ED provides flexibility in interest rates and loan terms to complement conventional business financing and other State and Federal business financing programs. CDBG-ED funding can provide payment deferments, lower payments in the first year, and interest-only payments. CDBG-ED funds are intended to be used in situations where a funding gap exists and alternative sources of public and private financing are not adequate.
The objective of the Board’s In-state Loan Program is to diversify, strengthen, and stabilize the Montana economy. Specifically, Montana law states that "the Board shall endeavor to invest 25 percent of the state’s Coal Tax Trust Fund in the Montana economy, with special emphasis on investments in new or expanding locally owned enterprises." To achieve this objective, the Board has designed a series of loan programs that can be tailored to meet the individual needs of borrowers. Although the Board is prohibited by law from making direct loans to businesses or individuals and requires participation of an approved commercial financial institution, Board staff is very interested and willing to work with businesses to assist in developing a loan package to best meet their business needs.
The overall mission of USDA Rural Development is to improve the quality of life for rural Americans. To accomplish this, we work diligently to coordinate Federal assistance in rural areas of our great state.
By partnering with profit and non-profit sectors, along with state, tribal, and local governments, we are fundamentally changing the way we do business. With this new philosophy of public partnership many positive outcomes for rural Americans are occurring daily.
It is USDA Rural Development's intention to ensure rural citizens can participate fully in the global economy. By providing technical assistance and programs to rural Americans, we are helping to build a stronger economy, preserve our rural heritage, and improve the quality of life for all.
|
