The Montana Department of Commerce is taking applications for the Wood Products Revolving Loan Fund

In 2009, the Montana Legislature approved HB 669 to create the Montana Distressed Wood Products Industry Revolving Loan program, in response to the sudden and severe economic downturn of the national economy lowering the demand for wood products. WPIRS was a federally and state-funded loan fund, providing financial assistance to create or retain jobs in the wood products industry. It targeted areas of the state where timber jobs were most threatened, particularly in counties with lumber mills and similar facilities. WPIRS is now known as the Wood Products Revolving Loan Fund and continues to provide funds for businesses in Montana’s wood products industry.

$11.3 million was originally allocated for loans within the industry, and while all original funds have been loaned, the WP RLF continues to have funds available for new loans due to the ongoing collection of payments from the loan recipients.

WOOD PRODUCTS REVOLVING LOAN FUND

WP RLF loans are available to individuals, including private contractors, or businesses defined as small businesses pursuant to the regulations promulgated by the United States Small Business Administration pursuant to 13 CFR 121, et seq.

Currently the WP RLF has $878,941.00  available for lending.