Revolving Loans
Verendrye Electric Cooperative is helping economic development efforts in the area by administering a Revolving Loan Fund made possible with funds from the USDA.
Loans with only two-percent interest and minimal administrative fees are available to businesses, non-profit organizations, and government and tribal entities through the Revolving Loan Fund. Eligible applicants can receive between $5,000 and $100,000 through the program. The money was provided by a grant from the USDA and there is no risk to the cooperative. The funds will eventually be paid back to the USDA.
The objectives of the Revolving Loan fund include:
- Help create jobs that will help rural areas.
- Provide financing alternatives for business or community facilities with an economically or socially desirable purpose.
- Leverage owner equity and other financing sources.
- Promote development of rural communities.
The projects funded by the loan must create or retain employment or provide needed community facilities and services.
Projects ineligible include refinancing current debt, projects with no supplemental financing, general improvement loans and projects with limited security.
If you want to apply for a loan or need more information, please contact us for more information or submit the pre-application form by clicking on the image on this page.