Montana Department of Commerce, Block Grant Program Awards $217,391 in Funding to the City of Wolf Point for GKH Properties, LLC to purchase the Sherman Motor Inn
| September 8, 2008 |  View for printing |
The Montana Department of Commerce has awarded $217,391 in funding from the Community Development Block Grant – Economic Development (CDBG-ED) program to the City of Wolf Point for a loan to GKH Properties, LLC, for the purchase of the Sherman Motor Inn, a lodging and convention center in Wolf Point. GKH Properties, LLC is owned by Guy and Karen Huber. The purchase of the Sherman Motor Inn will allow for the retention of current services and 20 current full time equivalent positions.
“The Sherman Inn is one of the top private employers in Roosevelt County and an important part of the Wolf Point community,” said Governor Brian Schweitzer. “These funds will help keep this business and its employees going.”
“Local businesses like the Sherman Inn are critical to the health of Montana’s small communities,” said Anthony Preite, Director of the Montana Department of Commerce. “We are proud to be involved in a project in which so many partners have come together for the common good.”
Great Northern Development Corporation will assist with the administration of the project. Other contributing funding will be a loan from the Small Business Administration for $524,860 and a loan from Independence Bank for $749,800.
Montana's CDBG-ED program is designed to stimulate economic development activity by assisting Montana's private sector in job creation or retention for low and moderate income persons. The program receives funding from the Community Development Block Grant program funded by the U.S. Department of Housing and Urban Development.
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Marissa P. Kozel
Communications Director, Director's Office
Montana Department of Commerce
406-841-2772 (o)
406-465-7208 (c)
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