Areas Served: Washita, Kiowa, Custer, Dewey, Roger Mills and Blaine counties.
Kiwash Electric Cooperative, Inc. has established a revolving loan fund.
In 1995 and again in 1997, the Board of Directors filed for and received two federal grants to fund a revolving loan fund.
The reason for this perpetual revolving loan fund is rural job creation .
As these original loans are paid back, then we are able to lend these funds to other businesses and industries.
Kiwash Revolving Loan Fund Program normally lends to job creation projects.
Preference is giving to first mortgage positions for commercial, industrial or retail businesses.
Normal loan amount ranges between $2,500 and $30,000. Kiwash will lend to existing businesses that are expanding or start-up companies.
These companies may be within our six county service territory of Washita, Kiowa, Custer, Dewey, Roger Mills and Blaine counties, but not necessarily on Kiwash Electric lines.
Interest will vary between 4 to 7 percent and loan length will be three to ten years.
Funds cannot be used to refinance existing debt or it cannot be used to finance any debt incurred prior to approval of a completed application.
Another key factor is the amount of jobs created with this funding.
Owner’s equity is required in each project and three-year financial statements are a muSt.
Contact InformationKiwash Electric Cooperative, Inc.
Address: 120 W. 1st Street
City: Cordell
State: Oklahoma
Website:
http://www.kiwash.coop/economicDevelopment/revolving_loan_fund.htm
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