The campaign of businessman Steve Welch says it will report having more than $650,000 in the bank at the end of 2009.

Welch, a Republican running for the House, raised $100,000 from supporters and put another $150,000 of his own funds into his bid in the last three months of 2009 — in addition to the more than $500,000 he previously loaned his campaign.

It’s money Welch will need if he stays in the race now that Rep. Jim Gerlach (R) has announced he will run for re-election to his former seat instead of running for governor.

The National Republican Congressional Committee is backing Gerlach, but Welch has yet to make a final call about whether he will challenge the incumbent Congressman in the May 18 primary.

Gerlach, meanwhile, reported having less than $35,000 in his campaign account at the end of September — and it’s not clear how much, if any, of the $1 million he raised in the gubernatorial race can be transferred.

The other competitive GOP candidate running in the primary for Gerlach’s seat, state Rep. Curt Schroder, dropped out of the race earlier this week.

Physician Manan Trivedi and former editorial writer Doug Pike, the son of former Rep. Otis Pike (D-N.Y.), are running in the Democratic primary.