Neptune Aviation has received a $2 million state loan to purchase two aircraft hangars at Missoula International Airport in Montana. This will add nearly 300,000 square of aircraft storage plus office space.
From the Missoula Current:
“The loan stems from the state’s Infrastructure Loan Program and was awarded by the Montana Board of Investments. Under the program, the airport serves as the loan administrator and Neptune receives tax benefits in exchange for creating new jobs. Doug Hill, director of State Loan Funds at the Montana Department of Commerce, said Neptune’s $2 million application was based on the creation of 120 new jobs.
“They need to be considered full time when I do my review,” said Hill. “For each job that’s created, Neptune is able to borrow $16,666. That’s how we came up with the $2 million amount.”
“The Infrastructure Loan Program helps Montana businesses finance the acquisition of publicly owned buildings and related improvements. It also looks to boost economic development and create jobs in the basic sector of the economy.
“The loans are awarded to companies that employ at least 15 people. The new jobs that are created must pay the private annual wage in Montana, which is currently $44,100, according to Hill.”