Richland Economic Development Corp is pleased to announce that the Revolving Loan Fund (RLF) committee has awarded its seventeenth loan for the expansion of a business in Savage. Troy and Trent Prevost were approved for a loan to purchase Miller's Garbage Service from Jim and Rebecca Miller.
Troy and Trent completed an application in partnership with his lead lender, Neil McWalter, of Merchants Bank of Fairview, and presented this project to the RLF committee for review. The funding request was to purchase the business and expand their clientele.
Troy stated that the timing of his purchase was right. "We wanted to buy Miller's Garbage Service so that we can build a future for all of us."
The RLF committee is pleased to assist Troy and Trent in this business venture. The intent of the RLF is to offer an additional tool to support new business and business expansion projects. Neil McWalter states, "This program is a unique resource for borrowers, and Merchants Bank is pleased to coordinate with REDC to get this project completed."
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!
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