USDA Revolving Loan Fund

USDA Revolving Loan Fund

Funder: Nishnabotna Valley REC (administered through USDA program)

Overview: Through the operation of a Revolving Loan Fund (RLF), Nishnabotna Valley REC provides a funding source with the goal of providing low-interest loans to assist with local economic and community development projects. The fund seeks to improve the quality of life in rural areas by contributing to long-term improvement in the economy.

Fund Purpose

• Primary Goal: Provide low-interest loans for local economic and community development projects
• Geographic Focus: Rural Southwest Iowa

Priority Areas

• Job creation and retention
• Diversification of the local economy
• Improving education and skills of rural workforce
• Upgrading public infrastructure to improve health, safety, and/or medical care of rural residents

Eligible Uses

Loans may be used for:
• Land
• Buildings
• Machinery
• Equipment
• Infrastructure improvements

Project Requirements

Projects must:
• Create or retain employment, OR
• Provide needed community facilities
• May also correspond to other rural community needs such as:
- Medical services - Educational services that provide training to rural residents

Review Criteria

The loan review committee and NVREC Board of Directors will consider:
• Financial need of the project
• Probability of success
• Security offered
• Overall benefits of the project to rural Southwest Iowa

Administration

• Administered by NVREC Board of Directors
• See complete USDA RLF criteria for detailed requirements

Contact Information

• Address: 1317 Chatburn Ave, P.O. Box 714, Harlan, IA 51537
• Phone: (712) 755-2166 or (800) 234-5122
• Office Hours (Summer): Monday-Thursday 7:00 AM - 4:30 PM; Friday 7:00 AM - 11:00 AM (May 30 - September 4)