Verendrye can help economic development with low-interest 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
For full details of the Revolving Loan Fund, click here: https://verendrye.coopwebbuilder3.com/loans
You can also call Kristie Hoff at 852-0406 for more information.