State, federal leaders, and prospective buyers are considering federally-protected loans or cooperatives to keep Pyramid Mountain Lumber running, members of a stakeholder meeting told the Missoulian on Friday.

The meeting, which included Rep. Ryan Zinke, focused on two separate goals: Keeping Pyramid alive through a massive capital improvement project and finding support for the employees that will be laid off by Roseburg Forest Products.

The meeting at Missoula College was closed to the public because of prospective buyers in the room, according to Grant Kiers, president of the Missoula Economic Partnership.

“I am really thrilled we have a number of buyers that are local folks with roots in the community and care a lot about the legacy of Pyramid and western Montana,” Kiers told the Missoulian.

One group led by the Montana Formers Union looks to establish a cooperative with the Seeley Lake-based lumber mill.

Pyramid Mountain Lumber announced plans to close its mill on March 7. The company has been family-owned and operated since 1949 and employs roughly 100 people.

Pyramid likely needs to find a solution by May 15 to keep the mill’s future viable, according to company general manager Todd Johnson.

“We didn’t come out of this meeting with any new outcomes,” Johnson said Friday. “But it was good to see the support coming in from a lot of parties around the community.”

Meanwhile, leaders are also looking into ways to support the 170 employees of Roseburg, which announced it will close its doors on May 22. Zinke left the meeting early because of a time conflict, Kiers said.

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Missoula County Commissioner Josh Slotnick told he Missoulian that one solution to Pyramid’s financial problems is a massive automation of its factory, which would require $40 to $60 million.

Slotnick said the burden for investment could be lessened by having the federal government back any loan investments.

Essentially, the federal government would underwrite, or cosign, an investor’s loan to get a lower interest rate. That group would be the USDA, according to Slotnick.

“We’re talking about accessing financing at a cheaper rate than new investors would get if they went straight out to get a loan,” Slotnick said.

It’s not considered a bailout, as Pyramid and any new investors would still be accountable to any loans. The investment would then allow the company to process more logs with fewer employees.

While the potential buyers weren’t disclosed outside the meeting, the Montana Farmer’s Union is working on a plan to turn the mill into a cooperative company, where employees have a stake in the business.

Walter Schweitzer, president of the Montana Farmers Union, said he and a group of interested parties would like to change the mill’s model into a cooperative.

“The cooperative would be made up of employees, loggers, and timberland owners,” Schweitzer said.

Each member of the cooperative would purchase a common stock per employee, or member. The membership is what governs the coop, as each employee would have a vote to elect its leaders.