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Great Falls Development Authority creating a development loan fund

Up until now, the Great Falls Development Authority http://www.gfdevelopment.org/ had loan programs for businesses to bridge the difference between what they could borrow from a bank and what was needed for total financing.

But rules prohibited developers with projects to build or remodel commercial buildings from applying for the gap financing.

"They way the rules of those programs are, we can only lend to businesses, not commercial real estate developers," said Brett Doney, president of the GFDA.

In September, GFDA will launch a new Enterprise Loan Fund with a $1 million award from the U.S. Treasury Department Commercial Development Financial Institutions Fund.

Full Story: http://www.greatfallstribune.com/article/20120811/BUSINESS/308110007/GFDA-creating-development-loan-fund

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