Revolving Loan Fund Award

Richland Economic Development is pleased to announce that the Revolving Loan Fund (RLF) committee has awarded its ninth loan for the development of infrastructure for Ilene’s Place Mobile Home Park in Fairview. Sabrina Steer and Sheila Mortimer were approved for a loan to install infrastructure for a mobile home park.

Sabrina and Sheila completed an application in partnership with her lead lender, Brent Torgerson, Merchants Bank, and presented this project to the RLF committee for review. The funding request was to purchase and install infrastructure for the mobile home park.

Sabrina explained that as the project evolved, additional costs kept cropping up. Without the assistance of the RLF, it would have been very challenging to achieve their goal of meeting the needs of additional permanent housing for families.

The RLF committee is pleased to assist Sabrina and Sheila in this business venture. The intent of the RLF is to offer an additional tool to support new business and business expansion projects. Brent Torgerson states, “The financial support that Sabrina and Sheila received from the Revolving Loan Fund made this transaction possible. We are excited to help her to finance the project, and increase the family housing opportunities in our area.”

Richland Economic Development encourages existing businesses and new business start up 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 today for an application!