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 The 2003 Montana Legislature created the Certified Regional Development Corporation program.
It was the legislative intent of the program to encourage a regional approach to economic development that facilitates the efficient delivery of economic development programs by supporting regional capacity building.
Lake County Community Development Corporation was named as the Certified Development Corporation (CRDC) for partnership formed by the four-county area in Western Montana which includes Lake, Lincoln, Mineral and Sanders Counties, which has been named the Western Rural Development Region.
The CRDC is responsible for assisting local development organizations and the communities and businesses they serve to assess, plan, and facilitate economic action within the region.
The CRDC provides technical assistance throughout the region to businesses identified by the local development organizations.
The CRDC must develop a regional revolving loan fund and other related products to help spur local development.
- Lending activities proposed for the region, anticipate participation by a lender from within the client's local community.
- Loans to be made from the regional revolving loan fund will be reviewed first at the local level by a "loan review committee" as designated by the local development organization before being sent for final approval to the CRDC's finance committee.
- The loan will be administered, where possible, at the local level; and packaging and loan administration fees will be shared by the CRDC and the local organization originating the loan.
- Local development organizations will provide assistance to the client in packaging the loan, receiving support as requested from the CRDC and other partnering agencies, such as the small business development centers.
- Other loan and loan packaging products to be available in the region include an Intermediary Relending Program, microlending, community revolving loan funds and assistance with SBA 504 and New Market Tax Credit loans.
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