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Staybridge Receives SBA Loan

FOR IMMEDIATE RELEASE           

 

Alyssa L. Patton

Great Falls Development Authority

Investor Relations Director                                     

Phone: 406.771.9029

alpatton@gfdevelopment.org

 

Great Falls Development Authority Assists in $2 Million SBA Loan for Staybridge Suites

 

GREAT FALLS, MT – March 3, 2009 – On Thursday February 26, 2009 the Small Business Administration (SBA) notified Great Falls Development Authority that its request for a $2 million loan for the Staybridge Suites had been approved. 

 

The majority of financing for Staybridge Suites came from Stockman Bank, and the SBA 504 loan was the final piece of the financing puzzle for the $14.5 million project. The City of Great Falls approved up to $900,000 of tax increment funds for public improvements at the project site, and the developers will contribute the remaining funds.

 

Staybridge Suites is currently under construction on the West Bank, adjacent to the new Federal Courthouse. The 113-room Staybridge Suites overlooks the Missouri River from the West Bank area.  A summer opening is planned for the hotel.

 

“We truly appreciate the hard work and support we’ve received from the Great Falls Development Authority in bringing this project to fruition,” said Brad Talcott, developer of the hotel.  “The work going on now is contributing between $1.5 and $2 million in wages and benefits to construction workers over a seven-month period.”

 

Staybridge Suites is projected to create 46 jobs for the community. Great Falls Development Authority thanks the project developers Brad Talcott and Linda Caricaburu for investing in Great Falls.

 

The Great Falls Development Authority (GFDA) is a local non-profit organization whose primary role is to enhance and stimulate economic growth in Great Falls and the Golden Triangle of Montana.  For more information on GFDA, visit their web site at www.greatfallsdevelopment.org or call 406.771.9020.

 

The SBA 504 loan program is a long-term financing tool for economic development within a community to start, build and grow businesses. This program provides growing businesses with long-term, fixed-rate financing for major fixed assets, such as land and buildings. To learn more about SBA 504 loans, contact Sheldon Bartel or Mary Ann Kovacich at Great Falls Development Authority, 406.771.9026.

 

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