HAVRE — A new $350,000 business revitalization fund is now available to help small businesses and downtown districts improve their appearance and attract more customers across Montana's Hi-Line region.
The Bear Paw Development Corporation has launched the fund after years of planning to address financing needs for business improvements in their five-county service area.
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"We've been talking to entrepreneurs for years and in some cases, decades, about the financing that they need to improve their businesses and really to improve. And in some cases, revitalize downtown business districts, not just here in Havre, but throughout the Hi-Line in our five-county region," Paul Tuss said.
Tuss serves as executive director of Bear Paw Development Corporation.
The fund specifically targets visual improvements that can transform business districts.
"This is specifically designed for things like facade development, building renovations, sidewalks, period lighting, those type of things to really positively impact the look and feel of your business district," Tuss said.
Brian James, owner of Beaver Creek Perk in downtown Havre, sees the fund as more than just financial assistance.
"We're right in downtown Havre and there are quite a few things to our building. And right around the block that we'd like to do that we can't really afford to with just normal cash flow quickly. And so this will help us accelerate our ability to revitalize downtown Havre," James said.
James believes improved facilities will benefit both individual businesses and the broader community's economic health.
"I think any business, especially ours, a small retail business, especially a restaurant, the nicer your facility is, the more it attracts people. And that helps with economic generation in general," James said.
James encourages other business owners to explore the opportunity.
"There are a lot of businesses that this will fit, some that it might not. Any that it will fit I think they should look into it and see if they can use this opportunity to help revitalize our community and grow economic growth," James said.
The fund offers loans ranging from $1,000 to $15,000. Businesses are to provide a dollar-for-dollar match, and loan terms cannot exceed five years. Non-profit organizations are also eligible to apply.
The application is two pages and the fee is $250. Loans are zero interest and non-profits can apply as well.
