Nishnabotna Valley REC created the Community/Economic Development Revolving Loan Fund (RLF) to improve the quality of life in rural areas by contributing to long-term improvement in the local economy. Administered by the Nishnabotna Valley REC Board of Directors, priorities include diversification of the local economy, job creation and retention, and upgrading the public infrastructure to improve the health, safety and/or medical care of rural residents.
USDA PROGRAM RECIPIENT Nondiscrimination Statement:
In accordance with Federal Law and US Deparment of Agriculture policy, Nishnabotna Valley REC is prohibited from discriminating on the basis of race, color, national origin, age, disability, and where applicable, sex, marital status, familial status, parental status, religion, sexual orientation, genetic information, political beliefs, reprisal, or because all or part of an individual's income is derived from any public assistance program. (Not all prohibited bases apply to all programs.)
To file a complaint of discrimination write to USDA, Director, Office ot Civil Rights, 1400 Independence Avenue, SW, Washington, DC 20250-9410 or call 800-795-3272 (voice) or (202) 720-6382 (TDD). USDA is an equal opportunity lender, provider and employer.
Terms and Rates
Terms and rates are set by the Nishnabotna Valley REC Board of Directors. Interest Rates will vary from 0% to Prime Rate depending on the financial need of the project and its benefit to the rural area.
Terms & Security
- Adequate collateral for the loan request is required.
- Preferred security is an irrevocable letter of credit.
- Maximum loan term is 10 years.
Other Funding - A minimum of 50% of the project must be funded from equity or debt sources other than the Nishnabotna Valley REC Revolving Loan Fund.
Administration Fee - Generally, the RLF will charge an annual administration fee equal to 1% of the outstanding balance of the loan.
Fund Availability - RLF loan applications are accepted at the Nishnabotna Valley REC office when the RLF has an available balance of at least $20,000.
- New or Expanding Private Businesses
- Local Governments
- Non-profit Community Development Organizations
Eligible Uses of Funds include:
- Land Purchase
- Fixed Assets
- Machinery & Equipment
- Residential Housing
- Projects (limits apply)
Ineligible Uses of Funds:
- Pre-development Costs
Who to Contact:
John Euchner, CEO - email@example.com