Missoula nonprofits Free Cycles and Homeword could get $150,000 in loans forgiven by Missoula County.
Free Cycles is supported in part by Missoula County’s Community Development Block Grant Economic Development Revolving Loan Fund Program, an initiative that also launched in the ’90s in support of job creation and retention for low- and moderate-income people.
Last week, founder and Executive Director Bob Giordano asked the county to lower its interest rate on Free Cycles’ CDBG loan from 4% to 2% for the next six years.
Commissioner Josh Slotnick countered with a suggestion to completely forgive the loan and Homeword’s portion of the $150,000 as well.
“I just want to be upfront that we’re not clamoring to be forgiven,” Giordano said, explaining he doesn’t want Free Cycles to take away funding from other area nonprofits.
Missoula County previously forgave a $367,500 loan in the same program for the Missoula Children’s Theater over the course of multiple years.
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If Free Cycles receives the unanticipated support from Missoula County, Giordano has big plans to beef up the nonprofit’s operations.
Primary among those goals is to pay off the loan for the Free