Montana Distressed Wood Products Industry Recovery and Stabilization (WPIRS) Program
(revised December 6, 2013)
Due to the revolving nature of the programs, both the EDA and State Montana Distressed Wood Products Revolving Loan Fund (WP RLF) Programs continue to be available for Montana’s wood products industries with funds available for lending. Information regarding the current EDA WP RLF and State WP RLF programs, including application guidelines and available balances can be found at: wprlf.mt.gov
The $9.8 million in funds originally allocated in 2009 have been disbursed. The information below is for historic purposes.
In 2009 the Montana Legislature approved HB 669 which created the Montana Distressed Wood Products Industry Revolving Loan program to respond to the sudden and severe economic downturn of the national economy, and the lowered demand for wood products. The Montana Distressed Wood Products Industry Recovery and Stabilization (WPIRS) Program was a federally and state-funded, statewide loan program designed to help businesses in the wood products industry retain or create jobs. The WPIRS program targeted areas of the state where timber jobs were most threatened, particularly in counties with lumber mills and similar facilities.
HB645 allocated $7.5 million of Montana Reinvestment Act funding for the WPIRS programs. $4.8 million was used to establish the State WPIRS program and $2.7 million was designated to be used as match required by a $2.7 million American Recovery and Reinvestment Act (ARRA) grant received from the U.S. Department of Commerce, Economic Development Administration (EDA) to establish the EDA WPIRS program.
By March of 2010, all but $30,000 of the $9.8 million for loan funding was allocated to 17 private companies active in Montana’s wood products industry through loans and 18 Montana wood products companies had their Smurfit-Stone Container Corporation outstanding accounts receivables purchased. In February 2012, the balance of the original funding in addition to some revolved funds (funding available due to the original loan recipients making their scheduled loan payments) was loaned to an additional Montana wood products industry company.
WPIRS PROJECT SUMMARIES
State and EDA WPIRS Project Summary FY 2009
State and EDA WPIRS Project Summary FY 2010
State and EDA WPIRS Project Summary FY 2012
WOOD PRODUCTS REVOLVING LOAN FUND
REPORT ON OUTCOME MEASURES AS REQUIRED BY MCA 90-1-503
The WPIRS program, created by HB 669, was codified at Montana Code Annotated (MCA) 90-1-501 through 504. Pursuant to MCA 90-1-503, the Department is required to provide a status report of the distressed wood products industry loan account to the economic affairs interim committee. In accordance with MCA 90-1-503, the following reports were presented to this committee in 2010 and 2012, respectively:
Wood Products Revolving Loan Fund Status Report, August 19, 2010
Wood Products Revolving Loan Fund Status Report, September 11, 2012