Montana Commerce Tourism Loans Help Revitalize Historic Sites

The Montana Department of Commerce announced Wednesday that last year $24 million in tourism loan funding was distributed to economic development organizations (EDOs) across the state to help grow local economies, support tourism businesses, and create and retain jobs. The funding comes through the Tourism Development and Enhancement Revolving Loan Fund Program.

“The Tourism Development and Enhancement Revolving Loan Fund Program creates a public-private partnership between the State and local economic development organizations,” said Commerce Director Marta Bertoglio. “This partnership allows local EDOs to lend funding to tourism-related businesses to help generate good-paying jobs for Montanans while promoting long-term, stable economic growth in Montana’s tourism economy.”

In the first six months of the program, over $4.8 million in loans were distributed. One of the largest loans—more than $1.1 million—was awarded to the Ravalli County Economic Development Authority (RCEDA) to support the Lost Horse Lodge in Hamilton.

Originally a roadside saloon in the late 1800s, the lodge evolved into a full-service inn with a restaurant, banquet hall, guest cabins, and outdoor recreation access. After closing for twelve years due to financial hardship, new owners Ryan and Nicole Meacham and Darren Rawson saw potential for revitalization. The RCEDA loan helped finance deferred maintenance, purchase commercial kitchen equipment, and restore essential services, creating a renewed destination for tourists, families, corporate groups, and local residents.

During a recent visit, state representatives Terry Nelson, Kathy Love, and David Bedey joined RCEDA and Commerce staff, community leaders, and lodge owners to tour the property and discuss future loan projects through the Hamilton Downtown Foundation.

“Lost Horse Lodge can and will move the dial on the $64.6 million spent in Ravalli County,” said RCEDA Executive Director Julie Foster. “The owners have transformed a property that was in decline for more than a decade into a fantastic tourist and local establishment, providing an authentic Montana experience adjacent to our beautiful national forest. RCEDA is proud to have the resources to provide a bit of support for this great business.”

Early projections estimated the lodge would employ eight people; it now employs 30 workers, more than doubling expectations. The resort offers competitive wages and some on-site housing for staff.

The Tourism Development and Enhancement Revolving Loan Fund Program awards funds as grants to eligible EDOs, which then establish revolving loan funds to support Montana’s tourism economy. Since its launch, the program has become a key driver of rural economic growth, combining state resources with local initiatives to preserve historic sites, expand tourism infrastructure, and strengthen communities.

By Montana Newsroom Staff