With the help of First Interstate Bank and MoFi’s New Markets Tax Credit program, the owners of Butte’s Ace Hardware recently closed on a financing package to build a new $6.8 million store that will double the size of the current location, offer a much greater range of products, and create new jobs. The New Markets Tax Credits allowed the project to choose a desirable location, within a qualified census tract, keeping this valuable community resource in the urban core of Butte.
Owners Tom Shellenberg and Matt Dowdell, who also own Ace Hardware locations in Anaconda and Livingston, are excited about the expansion and the support it will offer to the growing community. They credit MoFi’s NMTC Program with allowing them to secure prime real estate for the new store.
“Without the subsidy provided by New Markets Tax Credits, we may have had to relocate outside of the heart of Butte,” said Shellenberg. “We feel lucky to be able to take advantage of a program like this, which has allowed us to remain a central, vibrant part of the community we serve.”
The new store will offer an expanded selection of hardware products, including paint, electrical, plumbing, fasteners, hand tools, power tools, pet, lawn and garden, housewares, and cleaning products. All employees working more than 30 hours per week are eligible for benefits including medical, retirement, paid time off and employee discounts.
“Since we purchased the three stores in 2006, our mission has been to have a positive impact on the lives of our employees, customers and community,” said Dowdell. “By creating new jobs, modernizing our design and making a wider selection of products available to the people of Butte, the new store will do just that.”
“This is a great example of how a federal program like NMTC can infuse capital into the local retail sector, and help increase the availability of affordable retail goods,” said Dave Glaser, President of Montana & Idaho CDC. “Butte’s Ace Hardware is a win-win project for the people of Butte, and we’re delighted to partner with First Interstate Bank and Tom and Matt to make this project a reality.”