Revolving Loan Fund to Improve Neu's SuperValu in Fairview
April 3, 2019 | View PDF
Richland Economic Development Corp is pleased to announce that the Revolving Loan Fund (RLF) committee has awarded its sixteenth loan for the expansion of a business in Fairview. Tim Neu was approved for a loan to remodel and improve Neu's SuperValu.
Tim completed an application in partnership with his lead lender, Chad Molden, of Stockman Bank of Sidney, and presented this project to the RLF committee for review. The funding request was to consolidate loans, remodel and update equipment.
Tim purchased the SuperValu from Bill Huft in 2015, and then began upgrading the store as he was able. "I knew that updating the SuperValu was needed and was timely. I'm so thankful to be in business and supported by the area. Many thanks to REDC and the RLF program to make this happen for me."
The RLF committee is pleased to assist Tim Neu in this business venture. The intent of the RLF is to offer an additional tool to support new business and business expansion projects. Chad Molden states, "This program is a great resource for borrowers requiring gap funding. Stockman Bank is pleased to coordinate with REDC to think outside the box and get projects like this off the ground."
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!