Areas Served: Shelby, Pottawattamie, Cass, Audubon, Harrison and
Nishnabotna Valley REC created the Community/Economic Development Revolving Loan Fund (RLF) to improve the quality of life in the Iowa counties of Shelby, Pottawattamie, Cass, Audubon, Harrison and Crawford Counties by contributing to long-term improvement in the local economy.
Administered by the Nishnabotna Valley REC Board of Directors, priorities include diversification of the local economy, job creation and retention, and upgrading the public infrastructure to improve the health, safety and/or medical care of rural residents.
Terms and Rates Terms and rates are set by the Nishnabotna Valley REC Board of Directors.
Interest Rates will vary from 0% to Prime Rate depending on the financial need of the project and its benefit to the rural area.
Terms & Security – Adequate collateral for the loan request is required.
– Preferred security is an irrevocable letter of credit.
– Maximum loan term is 10 years.
– Other Funding – A minimum of 50% of the project must be funded from equity or debt sources other than the Nishnabotna Valley REC Revolving Loan Fund.
Administration Fee – Generally, the RLF will charge an annual administration fee equal to 1% of the outstanding balance of the loan.
Fund Availability – RLF loan applications are accepted at the Nishnabotna Valley REC office when the RLF has an available balance of at least $20,000. Eligible Applicants: – New or Expanding Private Businesses – Local Governments – Non-profit Community Development Organizations Eligible Uses of Funds include: – Land Purchase – Buildings – Fixed Assets – Machinery & Equipment – Infrastructure – Residential Housing – Projects (limits apply) Ineligible Uses of Funds: – Pre-development Costs – Refinances
Contact InformationNishnabotna Valley Electric
Address: 1317 Chatburn Ave
City: Harlan
State: Iowa
Website:
http://www.nvrec.com/aspx/general/clientpage.aspx?pageid=787&n=1363&n1=1635&n2=1636
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