Areas Served: Dickinson, Clay, Buena Vista, Sac, Carroll, Calhoun, Pocahontas, Palo Alto, Emmet, Kossuth, Humboldt, Webster, Hancock, Wright, Hamilton, Story, Hardin, Franklin, Cerro Gordo, Grundy, Tama, Butler, Floyd, Chickasaw, and Bremer, Iowa
The POWER Fund is a local funding source that provides low-interest loans to assist with local economic and community development projects within 25 counties in north central Iowa.
It totals approximately $4.7 million and includes grants and loans from USDA.
The fund’s priorities include job creation and retention, diversification of the local economy, and public infrastructure upgrades to improve the health, safety and/or medical care of rural residents.
The fund is administered by the Corn Belt Power Cooperative board of directors.
Eligible Applicants – New or Expanding Private Business – Local Governments – Non-Profit Community Development Organizations Use of Funds – Business or Industrial Acquisition – Business Construction and Expansion – Equipment and Machinery Purchase Ineligible Uses of Funds – Agricultural Production – Refinancing or normal business replacement needs Conditions – Amounts – $50,000-$150,000 – Interest Rates – will vary depending on the Prime rate.
Generally, loans will have a 3-5% interest rate.
– A 1% administrative fee may be charged.
Terms & Security – Buildings 3-10 years – Industrial Parks 3-5 years – Construction 1-3 years – Real Estate 3-5 years – Housing 7-10 years – Small Businesses 3-10 years A minimum of 51% of the project must be funded from equity or debt sources other than the Corn Belt POWER Fund
Contact InformationCorn Belt Power Cooperative
Address: 1300 13th St North
City: Humboldt
State: Iowa
Website:
http://www.cbpower.coop/aspx/general/clientpage.aspx?pageid=218&n=911&n1=912&n2=970
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