The bill seeks to amend the Distressed Wood Products Industry Revolving Loan Program in Montana by removing the term "distressed" from its description, thereby broadening the program's focus to support the wood products industry as a whole rather than just those in crisis. It proposes changes to several sections of the Montana Code Annotated (MCA), specifically sections 5-11-222, 90-1-501, 90-1-503, and 90-1-504, which aim to streamline reporting requirements to the legislature and enhance flexibility in the frequency of these reports. The legislation is sponsored by the Department of Commerce and is designed to eliminate barriers to accessing revolving loans, ultimately fostering economic growth and stability within the sector.

In addition to the amendments, the bill outlines the purposes for which loan funds can be utilized, such as purchasing land or equipment, updating infrastructure, and providing working capital, with a cap of $2 million on loans and a repayment period of 15 years. It also mandates the Department of Commerce to develop outcome measures to evaluate the program's success, including metrics for job creation and economic growth. Furthermore, the status of the loan account is required to be reported to the economic affairs interim committee, with the effective date of the bill set for July 1, 2023.

Statutes affected:
Introduced: 5-11-222, 90-1-501, 90-1-503, 90-1-504