3 Big Sky Economic Development Authority business programs get boost

Three business development programs administered by the Big Sky Economic Development Authority were allocated almost $900,000 in a federal spending bill awaiting President Bush’s signature.

"This federal appropriation allows us to have a good base for the three programs," said Joe McClure, executive director of Big Sky EDA. He said Sen. Conrad Burns, R-Mont., began working on the funding request more than a year ago.

Gazette Staff

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McClure said the federal money will be used to match money raised through the Big Sky Economic Development Corp. The EDC, started in July 2002, raises private investment capital to recruit and retain business.

Here are the three programs that will benefit from the federal appropriation of $894,690:

The Yellowstone County Revolving Loan program provides "gap" financing for growing businesses that may have trouble meeting guidelines for traditional bank financing. The program is designed for businesses involved in creating jobs in basic industries. The program provides business loans of $35,000 or more, usually for a five-year period.

The Yellowstone County Interest Buy-down Fund allows expanding businesses to lower the cost of borrowing money. Money distributed through the Interest Buy-down program may be used to buy real estate, buy or lease equipment, expand facilities or create working capital.

The Yellowstone County Business Incentive program provides money for new or expanding businesses that meet the program’s guidelines. The grant program is designed to benefit businesses that are creating jobs that pay at least $34,000, or 120 percent of the average wage paid in Yellowstone County.

For more information, call the Big Sky Economic Development Authority at (406) 256-6871.

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