USA, GREAT FALLS - The state Board of Investments has approved $33.7 million in loans for a planned barley malting plant north of here, The Billings Gazette reported on September 16. The loan package is believed to be the largest in the board's 20-year history. Milwaukee-based International Malting Co. is building a plant that will be capable of processing 8 million to 12 million bushels of barley a year.
The loan package comes from the state's coal-tax trust fund. The board said it agreed to increase loans for the project after IMC agreed to put more of its own money into the plant, along with funds from private lenders. "We were never nervous about IMC's credit; this is a company with strong finances," said Tim Ryan, a member of the Board of Investments. "This was totally about how many eggs do you want in one basket? How comfortable are you with that much money in one deal?"
Right now, about $150 million of the trust is being used for loans to Montana businesses. The Montana Legislature has said the Board of Investments should strive to use 25 % of the trust for such programs.
"The board members thought this was an excellent project, exactly the type of project the in-state investment was set up to fund when it was established in 1984," said Carroll South, the executive director of the Board of Investments.
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