A Montana sawmill has received $650,000 to fund new equipment and hire more employees. Pyramid Mountain Lumber Co. plans to bump production as much as 10 percent with new equipment bought with a state revolving fund loan.
“We’re the third loan since all these funds started revolving,” Pyramid Chief Operating Officer Loren Rose said on Thursday. “For our industry, we all have to keep up with technology, doing things a little more creative to get more production per man hour.”
The $650,000 loan will pay for upgrades to two parts of the sawmill while a third project will help the Seeley Lake company turn some of its leftovers into valuable products.
“The company is vital to the region,” Gov. Steve Bullock said in an email announcing the loan award. “Not only is Pyramid the largest employer in the Seeley Lake area, it’s also the only remaining sawmill in Missoula County. Approximately two indirect jobs are supported for every direct job at Pyramid Mountain Lumber.”
Pyramid received one of the first loans from the Montana Distressed Economic Development Administration’s Wood Products Industry Revolving Fund in 2009. It was specifically targeted at sawmills, logging contractors and other forest products employers. Companies must wait two years for other loans to be repaid before they can reapply.