 |
|
Access Energy Cooperative plays an active role in the development of rural Iowa. To reflect its commitment, Access Energy Cooperative created the Community/Economic Development Revolving Loan Fund (RLF) to improve the quality of life in rural southeast Iowa by contributing to long-term improvements in the local economy.
The RLF is a local funding source with a goal of providing low interest loans to assist with local economic and community development projects.
Priorities of the RLF
- Job creation and retention
- Diversification of the local economy
- Improving the skills of the rural workforce
- Upgrading the public infrastructure to improve health, safety and/or medical care to rural residents
Who Administers the Program?
This fund is administered by the Access Energy Cooperative Board of Directors.
Loan Terms and Program Eligibility Requirements:
- RLF loan applications are accepted when the RLF has an available balance of at least $20,000
- Eligible applicants include organizations involved in community or economic development projects
- New or expanded private businesses
- Local governments
- Non-profit community development organizations
- Loan terms are set by the Access Energy Cooperative Board of Directors based on the financial need of the project.
- Minimum loan amount $25,000
- Maximum loan amount $396,000
- Interest rates vary from 0% to Prime Rate depending on the financial need of the project and its benefits to the rural area.
- Maximum loan term is 10 years, length based on collateral offered by applicant
- Building: 10 years
- Real Estate: 10 years
- Equipment: 5-7 years
- Working Capital:1-3 years
- Adequate collateral is required for a loan request. Preferred security is an irrevocable letter of credit.
- Eligible Uses of funds include
- Land purchase
- Buildings
- Fixed assets
- Machinery and equipment
- Infrastructure
- Residential Housing Projects (limits apply)
- Ineligible uses of funds
- Pre-development Costs
- Refinances
- A minimum of 30% of the project must be funded from equity or debt sources other than the Access Energy Cooperative RLF.
- The RLF may charge an annual administration fee equal to 1% of the outstanding balance of the loan.
All information regarding the Revolving Loan Fund will at all times be kept confidential. If necessary, the Cooperative may seek the advice an counsel of outside consultants and sources in order to adequately perform due diligence regarding the project. The Access Energy Cooperative RLF is an equal opportunity lender and requires loan recipients to adhere to all equal opportunity laws.
More Information
To download a printable application click here.
For More Information or to check availability of funds contact us at:
Director of Marketing and Communications
Access Energy Cooperative
907 E. Washington St.
PO Box 440
Mt. Pleasant IA 52641
319-385-1577
1-866-242-4232
|
|
|
 |
|
| | |  | | | | | | | Report an Outage?
319.385.1580 - Local
800.452.7819 - Toll-Free |
| | | | |
|
|
|
|
