90-1-204. Priorities for funding -- rulemaking. (1) Under the big sky economic development program provided for in 90-1-201, the department must receive proposals for grants and loans from eligible businesses and may accept proposals from economic development organizations and preferred lenders on behalf of businesses. Eligible businesses may work with an economic development organization on a proposal. The department shall work with eligible businesses and the economic development organization in preparing cost estimates for a proposed project. In reviewing proposals, the department may consult with other state agencies with expertise pertinent to the proposal.

(2) (a) The department shall adopt rules necessary to implement the big sky economic development program in collaboration with economic development organizations actively serving communities. The department shall consider low-interest loans, forgivable loans, and grants when adopting rules.

(b) The rules must provide for the types of uses of funds available under the big sky economic development program. The types of uses of these funds include but are not limited to:

(i) a reduction in the interest rate of a commercial loan for the expansion of a basic sector company;

(ii) a grant or low-interest loan for relocation expenses for a basic sector company;

(iii) rental assistance or lease buy-downs for a relocation or expansion project for a basic sector company;

(iv) short-term working capital loans;

(v) workforce activities or job creation; and

(vi) planning projects that would provide significant economic benefit to require matching funds to be considered.

(c) The rules must require matching funds for a grant or loan.

(d) The rules may provide for greater incentives for a rural county.