Broadwater County Helps Finance Bridger Brewing’s Expansion
 | Author:
Nancy Marks
Nancy Marks: MT43 News Secretary and News Editor |
A loan of $400,000 in federal money, funneled through Broadwater County, will help finance Bridger Brewing’s new brewery and pub near Three Forks. The Montana Department of Commerce announced this week that it has allocated the federal economic development block grant funding to Broadway County for a loan to Bridger for the purchase of commercial kitchen equipment.
The new brewery and pub, under the corporate name of Jackrabbit Pub, LLC, opened to the public a week ago. The huge building is clearly visible from Interstate 90 just beyond Montana Hwy. 287 junction.
As loaned to Bridger, the money passes through a revolving fund set up some 40 years ago by then Broadwater County Commissioners Steve McCullough and Jim Hohn. This loan and its repayment will be managed by the Montana Business Assistance Connection (MBAC). The repaid money is then returned to Broadwater County’s revolving loan account.
“Broadwater County faces no risk in loaning out this money since the money does not come from Broadwater County taxpayers,” MBAC executive director Brian Obert explained. MBAC holds physical collateral from Bridger Brewing, including the copper brewing tanks and the commercial kitchen equipment. “We charge Bridger Brewing 2 percent to manage the account.”
Obert said the county’s revolving loan fund was set up to help small businesses offer jobs to low and moderate-income people as a pathway to better jobs, such as becoming managers or starting a business of their own. “Only a select few business startups fit the criteria. Bridger Brewing is one of them because they are hiring college students and single people entering the workforce,”
The revolving fund has been used several times by business startups in Broadwater County. Over $2.7 million has moved through the account since its inception. The money can only be used for economic purposes and must be paid off in seven years, Obert explained that the fund allows new businesses to get their foot in the door at banks for startup loans. Banks insist on a 30 percent down payment, so the revolving fund money is offered to cover 20 percent. The new business owner then only puts up 10 percent.
State Commerce Department Director Scott Osterman said the brewery expansion and Jackrabbit Pub will provide financial benefits to Three Forks and surrounding communities through job creation, tourist promotion, and an increased tax base. The announcement stated the pub plans to use locally grown ingredients in its restaurant, as well as employ a local workforce. It said 17 jobs will be created.
Bridger Brewing owner David Sigler said “These funds are critical in allowing us to create jobs and spur the economy in a rural county like Broadwater. We also love the fact that as we pay these funds back, other businesses in the community can take advantage of this capital in their future endeavors to further support not only job growth but small businesses, which are the heart and soul of every community.”
The Community Development Block Grant funding originates from the U.S. Department of Housing and Urban Development.
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PhotoCredit: Nancy Marks
Image 1 Caption: Photos of Bridger Brewing courtesy of Jackrabbit Pub, LLC.
