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Montana Department of Commerce Awards $200,000 to the City of Hamilton

The Montana Department of Commerce has awarded $200,000 in funding from the Community Development Block Grant – Economic Development (CDBG-ED) Program to the City of Hamilton. The City will provide a grant to the Ravalli County Economic Development Authority for the purchase of equipment for a new lift station to provide wastewater infrastructure to the Ravalli Entrepreneurship Center, a soon to be built facility for the provision of business incubation services. The facility will be located in an industrial park on the Old Corvallis Road in Hamilton. Ravalli County Economic Development Authority, through the Ravalli Entrepreneurship Center facility will create three full time equivalent positions. The Ravalli County Council on Aging & Senior Housing Cooperative will create five full time equivalent positions through the Entrepreneurship Center.

“This project touches several important areas of economic development,” said Governor Brian Schweitzer. “These CDBG-ED funds are playing a role in the development of new infrastructure, a new business incubation center, and eight new jobs in Hamilton.”

“Many partners are contributing significantly to this project,” said Anthony Preite, Director of the Montana Department of Commerce. “That sense of teamwork and cooperation to leverage sources for a common cause really gets work done.”

Ravalli County Economic Development Authority will assist with the administration of the project. Other contributing funding will be from a U.S. Economic Development Administration grant for $1,621,440, a donation of land from the Ravalli County Council on Aging and the Bessenyey family valued at $1,021,440, a loan from Ravalli County Bank for $65,000, a loan for $135,000 from Ravalli County Economic Development Authority’s Revolving Loan Fund, $59,000 in equity from Ravalli County Economic Development Authority, a loan from Montana Technology Enterprise Center for $25,000, and other bank loans in the amount of $116,000.

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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