Revolving Loan Fund Awarded to Kringen
September 28, 2022 | View PDF
Richland Economic Development Corp is pleased to announce that the Revolving Loan Fund (RLF) committee has awarded its 18th loan for the purchase of a building in Sidney. Serina Kringen was approved for a loan to purchase the old "Yellowstone Merc" building.
Kringen completed an application in partnership with her lead lender, Veronica Melby, Stockman Bank of Sidney, and presented this project to the RLF committee for review. The funding request was to purchase the building and equipment.
For over 100 years, the Merc building has been a focal point of our community. There have been multiple business ventures housed inside its walls. Kringen has a deep seeded passion to resurrect this historic icon and re-ignite the pulse in the heart of downtown Sidney.
The RLF committee is pleased to assist her in this business venture. The intent of the RLF is to offer an additional tool to support new business and business expansion projects. Veronica Melby states, "We are so pleased to work with Serina to keep the Sidney Yellowstone Mercantile 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 are 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!