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Interesting financing option for any Montana manufacturer that is considering expansion.
As I understand it, it will require more paperwork but will result in lower interest rates.
IDB Eligibility Screening Assessment – Key and Explanations http://www.matr.net/files/IDBEligibilityScreeningAssessmentKEYRevised.pdf
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IDB Caps
Amounts to Identify/Watch
There is a $10 million cap for tax-exempt bonds (loaned to principals of company, related parties, or users of the facilities) in a given municipality/county. (The project itself can exceed $10 million, as long as capital expenditures fit within the $20 million limit.)
There is a $20 million cap on capital expenditures by borrowers and related parties in the 3-year look forward 3-year look back period in a given municipality/county.
There is a $40 million cap on tax-exempt bonds issued for principals and related parties within and without the municipality/county. Example: a company with a subsidiary with majority ownership borrows bonds proceeds of $35 million in Poughkeepsie. Our Montana company borrows $10 million. In such an instance the $40 million cap would be exceeded.
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Please contact Michelle Barstad at the Montana Facility Finance Authority with any questions.
Michelle Barstad Executive Director
Phone: 406-444-0259
2401 Colonial Drive, 3rd Floor (59601)
Fax: 406-444-0019
P.O. Box 200506
Helena, MT 59620-0506
http://www.mtfacilityfinance.com
Respectfully,
Paddy Fleming
Center Director
Montana Manufacturing Extension Center
College of Engineering
Montana State University
http://www.mtmanufacturingcenter.com
Office 406-994-3974
Cell 406-249-9178
Growth, Innovation & Profit Enhancement for Montana’s Manufacturers
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