Business LoansC9 Enterprises
Wall, SD 57790
Category: West River Electric, Business
C9 Enterprises Receives Loan from West River Electric’s REED Fund
C9 Enterprises was recently awarded financing in February of 2019 when West River Electric Association issued a Rural Electric Economic Development, or REED, loan to C9 to purchase a local restaurant, Red Rock Restaurant, in Wall, SD. REED partnered with First Interstate Bank of Wall on the financing package.
Working closely with local banks, other loan funds, state and federal agencies to finance community and economic development projects, West River Electric’s REED Fund provides gap financing to help start and expand businesses, create jobs and help communities improve facilities, services and infrastructure.
Dick Johnson, CEO of West River Electric, says that providing funding to C9 is a great opportunity to assist with keeping a local business in the community which can positively impact the lives of many. “In today’s economy, employment and economic development continues to be challenging, so being able to assist through the REED Fund is very gratifying for us, knowing we are making a difference in our small communities and rural areas.”
The previous owners of the restaurant were ready to retire and Ken Charfauros and Janet Niehaus, owners of C9 Enterprises, were ready for a new challenge. C9 also owns and operates Wall Meat Processing. The new owners plan to provide a “Farm to Table” menu that will appeal to both the tourists and the local patrons.
Approximately 81 percent of REED’s lending is established in communities of less than 4,000 people and 98 percent of REED-financed projects have local ownership.
“One of West River Electric’s core principles is Commitment to Community and the REED Fund is a good example of how we support local economic development,” says Johnson.
If you are planning a new business or looking to expand, or if your community needs financing for facilities or services, please contact West River Electric Cooperative at 605-279-2135 for an application or REED at 605 256-8015 for more information.