Revolving Loan Fund Awarded to Watsons to Purchase Footers in Sidney
Richland Economic Development Corp. is pleased to announce that the Revolving Loan Fund (RLF) committee has awarded its eleventh loan for the purchase of an existing business in Sidney. Jerry and Robin Watson were approved for a loan to purchase Footers.
Jerry and Robin completed an application in partnership with their lead lender, Stasia Creek, of Stockman Bank, and presented this project to the RLF committee for review. The funding request was for the purchase of the Footers restaurant and commercial property on which it's located.
Footers is a quick serve and fresh food style restaurant, formerly owned by Bill Ackley. They sell sub sandwiches, salads and soups for hungry patrons in the area, and are independently owned. The growth potential on the restaurant, as well as its menu, is endless with plenty of room on the property for future expansions.
The RLF committee is pleased to assist Jerry and Robin in this business venture. The intent of the RLF is to offer an additional tool to support new business and business expansion projects. Stasia Creek states "We are so pleased to work with the Watsons to keep Footers in our community. The use of the RLF funds enabled Stockman Bank to partner with REDC to leverage our traditional lending programs."
Richland Economic Development Corp. encourages existing businesses and new business startup projects to consider the RLF as a resource. The RLF loan pool of $1,000,000 is not free money, but an investment made by the Richland County Commissioners, to assist in the development of business in our economy. The application and review process is achievable, and done in conjunction with the area financial institutions in Richland County.
If you or someone you know is thinking of expanding or launching a new business in Richland County, contact any of the local financial institutions or Richland Economic Development Corp today for an application!