New Jore gets $1M in aid

A tool manufacturer is getting almost $1 million in federal aid as it tries to succeed in a business that bankrupted its predecessor.

By the AP Helena IR

Montana Department of Commerce said New Jore Corp. will get the money from a federal economic development program.
The loan has been in the works for months, but was approved just this week.
Lake County and the city of Ronan governments get $1,029,963, and will give $984,963 to New Jore for working capital at a below-market interest rate.

Jore makes power tool accessories and drill bits for sale under private label brands and supplies product to retail stores. Founded in 1990, Jore was purchased out of bankruptcy in April 2002 by Frank Teigs of Western Mortgage for more than $32 million and renamed New Jore.

“Jore workers have persevered and supported the company during some pretty rough times,” said Mark Simonich, director of the Montana Department of Commerce. “Our participation helps secure 200 local jobs, supports the retention of the New Jore in Ronan, and assists local efforts to spur economic vitality.”
The money Jore repays will go into a revolving loan fund that the Lake County Community Development Corporation will then lend out to other businesses.

The loan requires that Jore give 37 of the 50 new jobs created to people from low- and moderate-income families, Simonich said.
New Jore is also seeking as much as $20 million in loans and grants from the Montana Board of Investments to further subsidize its manufacturing operation.

Jore currently employs about 475 people, company officials said. At its height, the firm employed more than 700 people.
Last month, Lake County commissioners agreed to substantially lower property taxes on Jore Corp.

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