The U.S. Treasury Department announced on August 19th a $750,000 grant to MCDC for statewide business loans. This financing will help MCDC support more local entrepreneurs and small businesses throughout Montana, and spur local economic growth and recovery by expanding access to capital and affordable financial services in underserved areas. All Green Services, located on the Flathead Indian Reservation in Polson, is one of many MCDC loan clients that have been given access to affordable financing.
Jeff Pfeil, owner of Bozeman Tree Service, was able to weather the economic downturn with help from a MCDC loan, keeping 23 quality jobs in a rural area of Montana. Pfeil came to MCDC for assistance after he was unable to obtain permanent financing for the expansion of a new facility for his fast growing business. MCDC jumped at the opportunity to help such a role model entrepreneur continue his contributions to the Bozeman community. With our statewide footprint, MCDC is increasingly able to identify and support those business owners who make a difference in their communities.
Darryl and Dwayne Heap of Bozeman recently jumpstarted production at their artisan cheese factory, Vintage Cheese, with the help of a MCDC rural loan. Their manufacturing company offers locally produced cheeses made with milk from local dairies, including Huls Dairy, another MCDC client. Small scale producers like the Heap brothers diversify and strengthen the state’s agriculture industry, and link small businesses together with the use of each other's products and services.
Women owned businesses rocked this year’s Best of Missoula Awards, with Downtown Dance collective, Blackbird Kid Shop and Betty’s Divine being a few of the winners. MCDC has provided consulting to the owners of these wonderfully hip stores, as well as the financing for Blackbird Kid Shop, Betty’s Divine and Riverside Pawn, who was a finalist in the Best Pawn Shop Award. These businesses exemplify MCDC's mission to help local businesses grow and become an important part of their community. Congratulations to all the businesses in the Best of Missoula Awards!
Ben Palmer has turned his long time passion into a business with assistance from the Montana Business Assistance Connection (MBAC) in Helena and an MCDC loan. The Hobby Garage, a specialty hobby store, is located on one of the busiest stretches in Helena and since its recent June 1st opening, has received a flow of traffic from remote-controlled enthusiasts and attention from local Helena media as well. Read more about Palmer’s new business in the Helenair.
The Peak Health project is turning a vacant building in Helena, Montana into a local fitness and rehabilitation facility. The project, whose funding came from Valley Bank of Helena and federal tax credit financing through MCDC, is the first step in turning the empty structure into a thriving commercial center.
USDA announced on June 3, 2010, $750,000 in financing to MCDC to lend out to rural businesses, creating jobs and expanding access to capital. The funding allows MCDC to do more rural lending in Western Montana, including Great Falls and the entire Flathead Valley. The USDA rural business lending program helps MCDC provide loans to Montana business owners, such as John and Barb Mosher, who were able to grow their gas and convenience store into an economic hub in the small town of Thompson Falls.
Nate and Shannon McEwen of Missoula used an MCDC microloan to help purchase their new ice cream truck. They are launching their season with neighborhood tours Mondays – Saturdays and event appearances on Sundays. With its SBA microloan financing program, MCDC creates economic opportunities for first-time business owners like Nate and Shannon, allowing them to make their community a sweeter place to live. Read more in the Missoulian.
MCDC client Goomzee, a Missoula based mobile marketing firm, announced that it has secured $1.5 million in venture capital to expand its growing enterprise. MCDC provided consulting and early stage financing to Goomzee to help establish its product in the emerging mobile marketing industry. By partnering with business innovators like Goomzee, MCDC helps to redraw the lines of industry in Montana.
MCDC's work with Huls Dairy in Corvallis, Montana was recently highlighted in a report to Congress as an exemplary use of federal funding for small businesses. The U.S. Treasury’s CDFI director Donna Gambrell noted that “MCDC led the project with its own financing as well as funds from two economic development groups, two banks, and four federal grant programs.”
MCDC recently provided a business loan to a Bozeman manufacturer and distributor of outdoor gear that helped move the company’s operations from California to Bozeman. The loan created employee ownership opportunities and brought new jobs to Bozeman. Pacific Outdoor Equipment is a maker of durable camping, cycling, and paddling gear.
