REDC Provides Financing for Local Business Expansion
To help encourage and enhance business success in Rutland County, REDC provides businesses with fixed-rate loans through its Revolving Loan Fund. REDC works extensively with local banks and financial institutions, often serving as the “gap financing piece” to help meet the unmet funding needs of area businesses.
Recently, REDC partnered with People’s Bank to finance the purchase of the headquarters for Wright Construction Company in Mount Holly. Formed in 1984, Wright Construction Company has earned a strong reputation as an industry leader providing a wide range of construction and construction-related services. This purchase will allow them to continue their growth as they transition to the next phase of their business.
“This move was the next logical step for our business and will allow us to continue the consistent growth we’ve experienced over the last several years,” said Joe Poston, co-owner of Wright Construction Company. “Structuring the financing for this type of project is always complicated, and without all of the financing partners working together this couldn’t have happened for us. We’re excited to partner with REDC on this project.”
Loans are available for a wide range of initiatives, from working capital to installing new machinery or buying land and/or buildings. As loans are repaid, they are reinvested by REDC in the form of new loans to other businesses. Learn more about REDC’s revolving loan fund at www.rutlandeconomy.com/lending, or call Tyler Richardson at 802-770-7067.