USDA Rural Development Presents $750,000 Check to Montana Community Development Corporation for Expansion of Revolving Loan Fund

Tim Ryan, Acting Deputy Under Secretary for USDA Rural Development, presented a $750,000 check to Montana Community Development Corporation (MCDC)http://www.mtcdc.org/ . This check represents a loan provided by Rural Development for the expansion of MCDC’s revolving loan fund.

Since 1989, MCDC has created or saved over 750 jobs in Western Montana. Building on that commitment to rural communities, USDA Rural Development is providing $750,000 in Intermediary Relending Program (IRP) funds to expand MCDC’s Revolving Loan Fund. These funds will more than double the capacity of the existing Revolving Loan Fund and allow MCDC to expand its activities into Powell County.

“The expansion of this revolving loan fund will save approximately 65 jobs and create 30 new ones”, said Tim Ryan. “Rural Development is very pleased to be a partner with Montana Community Development Corporation to create income opportunities in Granite, Lake, Mineral, Missoula, Ravalli, Sanders, and now Powell County.”

“Small businesses are a great bet to help rural economies,” said Rosalie Cates, MCDC Executive Director. “This money can go directly toward the people who create jobs and income in our rural communities.”

The Rural Development program that made this contribution possible is the Intermediary Relending Program (IRP). The purpose of the program is to increase economic activity and employment in rural communities. Financing is targeted primarily towards smaller and newly created businesses, and works in partnership with other public and private resources.

USDA Rural Development’s mission is to deliver programs in a way that will support increasing economic opportunity and improve the quality of life of rural residents. As a venture capital entity, Rural Development provides equity and technical assistance to finance and foster growth in homeownership, business development, and critical community and technology infrastructure. Further information on rural programs is available at a local USDA Rural Development office or by visiting USDA’s web site at http://www.rurdev.usda.gov.

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Michele McLeod
Public Information Coordinator
Montana USDA Rural Development
P.O. Box 850
Bozeman, MT 59771
Ph: (406) 585-2587 Fax: (406) 585-2565

"Committed to the future of rural communities"

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MCDC Office

110 East Broadway, 2nd Floor

Missoula, MT 59802

406-728-9234