Revolving Loan Fund
North West REC (NWREC) created a Community/Economic Development Revolving Loan Fund (RLF) in 1996. 80% of the funds for the Revolving Loan Fund have come from grants offered the USDA Rural Economic Development Loan and Grant Program (REDLG) and 20% of the funds from North West REC's general funds.
The Revolving Loan Fund is a local funding source with a goal of providing low interest loans to assist with local economic and community development projects. As of September, 2006, the Revolving Loan Fund has grown to $2.5 Million. North West REC has made over $3.5 Million in low interest loans to more than 20 projects throughout northwest Iowa.
Pictured is a check presentation from the USDA for the most recent grant that has been added to North West REC 's Revolving Loan Fund. A loan in the amount of $500,000 was made to the Le Mars Business Initiative Corporation to help finance the purchase of 72 acres of land that will serve as their new industrial park area.
Revolving Loan Fund Application Form
Please contact Lyle Korver at 712.707.4935 or lkorver@nwrec.coop for economic development information.
