The Butte Local Development Corporation is the lead economic development organization for Butte-Silver Bow and also plays a leading role in economic development for Southwest Montana and Montana as a whole. The BLDC serves as the primary point of contact for individuals or companies wishing to save, expand, start or locate a business in Butte, Montana or the Butte-Silver Bow area.
Check out further information at : http://www.buttemontana.org/
About Butte Economics
Butte Local Development Corporation
Since 1981 the BLDC has managed 11 revolving loan programs on behalf of Butte-Silver Bow or by receiving funds from various government agencies. The various lending programs include:
Butte-Silver Bow established a revolving loan fund in 1981 when the Anaconda ARCO Company gave $500,000 to the area to help laid off miners begin new ventures after the mine closed. The BLDC was subsequently requested to manage the Anaconda ARCO Loan Fund, which currently has 38 borrowers. The BLDC’s Anaconda ARCO Loan Fund is targeted towards basic industries and has a minimum leverage required that every dollar of Anaconda ARCO Loan Funds be matched by four dollars of other investment. To date, the Anaconda ARCO Loan Fund has leveraged over $18 million in private financing, help to create over 450 jobs, and saved another 375 jobs.
From September 1995 through November 2007 the BLDC has been awarded seven loans totaling over $4.5 million from the U.S. Department of Agriculture’s Rural Development Program.
These funds have a total of 70 loan recipients and helped to create 727 jobs and have retained 449 jobs. This lending program is designed to promote small business enterprises in rural areas.
On March 4, 1998, the BLDC was awarded a Community Development Block Grant from the U.S. Department of Commerce Housing and Urban Development to create a revolving loan program in the amount of $314,300. To date this fund has 9 recipients and has helped to create 280 jobs, retained 48, for a total of 328 jobs. These loan funds target financing of qualified business projects that create or retain jobs for low-tomoderate income persons.
On May 13, 1998, the BLDC was awarded an Economic Development Administration Grant in the amount of $2,942,700 to establish a revolving loan program designed to assist economically distressed areas in the creation and retention of jobs. This loan program has 22 recipients and has helped to create 452 jobs and retained 89 jobs.
On July 1, 2003 the BLDC was awarded a grant from the U.S. Department of Treasury to establish the Community Development Financial Intuitions Program (CDFI) Revolving Loan Program in the amount of $250,000. Under this program, the BLDC works with businesses and commercial lenders to help fund business expansion, retention, recruitment, and startups. This fund has 5 recipients and has helped to create 24 jobs and retained 15 jobs.
All loan applicants to the BLDC will first go before the Loan Committee once they have met loan criteria for approval. If approved by the Loan Committee it will then be presented to the 17 member Board of Directors for approval. Each business must provide a business plan and financial information in order for consideration as a loan recipient. To date, the BLDC has loaned more than $8 million with over $5 million of revolved funds used for relending.
To apply for a loan or for more information contact Andy Zdinak at 723-4349.