DEPARTMENT OF COMMERCE

Wednesday, May 30, 2012

                           Debra Demarais

                      Program Manager, CDBG-ED

                      Montana Department of Commerce

                      406-841-2736

 

                      Marissa Kozel

                      Communications Director

                      Montana Department of Commerce

                      406-841-2772

 

 

(HELENA) – The Montana Department of Commerce awarded a $400,000 in Community Development Block Grant- Economic Development (CDBG-ED) funds to the Town of Stevensville for an economic development infrastructure project.

 

Stevensville will use the grant funds to extend a wastewater line into the Tax Increment Finance District (TIFD) industrial park where Selway Corporation and Bitterroot Tool & Machine are located. The new wastewater line will enable these businesses to remain at their present location, retaining 133 employees.

 

“This project is literally laying the ground work for future business expansion in Stevensville,” said Dore Schwinden, Director of the Montana Department of Commerce. “Additional infrastructure support will allow existing businesses to increase capacity, expand and hire more employees. It will also attract new businesses to the industrial park.”

 

The Ravalli County Economic Development Authority (RCEDA) will assist with the administration of the project. 

 

The Montana Department of Commerce, CDBG-ED program receives funding from the federal US Department of Housing and Urban Development (HUD), CDBG Program. 

 

The CDBG-ED program provides funding to local governments throughout Montana. 

 

CDBG-ED 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. Funds can be utilized for acquisition, construction, installation, installation or rehabilitation of commercial and industrial buildings, facilities, equipment purchase, and working capital. Other uses include infrastructure such as water, sewer, and streets/sidewalks in support of businesses. Planning grants are also available that can be utilized by local governments for studies, analysis, or research related to economic development. For more information on CDBG-ED, visit http://cdbged.mt.gov.

 

The US Department of Commerce, Economic Development Administration will also contribute funding to the project.

 

###