Lake County Community Development Corporation receives four monetary awards
News from Lake County Community Development Corporation
RONAN — Executive Director Gypsy Ray announced she is very pleased to share that LCCDC was awarded a USDA Intermediary Relending Program lending award of $750,000. These funds assist new or small businesses across Lake, Mineral and Sanders Counties that may not otherwise qualify for commercial financing.
LCCDC works in partnership with community banks across the tri-county region to assist where a business may not be able to get full commercial financing as well. The IRP lending program provides loans up to $150,000 to purchase equipment, real estate or other fixed assets. LCCDC will be collaborating with the Montana Board of Investments to secure the matching funds required for this lending program.
To provide that initial start-up funding, LCCDC was also awarded a USDA Rural Microenterprise Assistance Program lending award of $250,000. The purpose of the RMAP program is to support LCCDC’s lending program for further development and ongoing success of rural micro-entrepreneurs and microenterprises (businesses generally with 10 employees or fewer and in need of $50,000 or less.)
LCCDC also received a USDA Rural Microenterprise Assistance Program – Technical Assistance grant award of $19,200 which supports LCCDC’s ability to provide business-based training and technical assistance to ensure the development and ongoing success of rural microenterprises.
Additionally, the USDA Rural Business Development Grant Program recently awarded LCCDC a grant of $22,250, which LCCDC will match from business development funds. The grant provides for business oriented workshops, which will be presented in Superior, Thompson Falls, and Ronan over the next several months. These workshops are designed to provide introductory to advanced business skills with classes such as, Microsoft Word, Excel, Publisher and PowerPoint; Marketing, Social Media, Business Plans, QuickBooks, Cash Flows, Concept to Consumer for food businesses, and Profit Mastery.