County approves $70,000 revolving loan for local business

Red Willow County commissioners Monday morning approved a $70,000 loan from the county's revolving loan fund to assist an existing business in downtown McCook.

During the commissioners' regular weekly meeting, Chairman Earl McNutt congratulated Betty Kenner, doing business as Accents Etc., for her successful loan application. "It's important to keep businesses going," McNutt said, as well as helping to start new ones.

With the loan, Kenner plans to buy out partners who want to retire, and continue the gift, flower and antique consignment shop in the 300 block of Norris Avenue. The loan, at 5 percent interest, will be paid off in seven years.

County Attorney Paul Wood told commissioners that any collateral the county has will be in a second security position to a loan Kenner has with a McCook bank.

The county's re-use loan program is not restricted to new businesses, said Rex Nelson, director of McCook Economic Development, whose administrative board oversees the county's loan program. "We don't only recruit big businesses to come into the area," Nelson said following the meeting. "We're highly motivated to help existing businesses and retail as well."

With Nelson's and the administrative board's recommendation, commissioners unanimously approved Kenner's loan application.