Economic Development Loans
People's Cooperative Services Revolving Loan Program
Purpose: To promote the creation of jobs and beneficial electric sales.
Eligibility: A commercial/industrial member of People’s Cooperative Services
Use of Funds:
- for-profit or not-for-profit
- new, expansion, start-up
- real property, infrastructure, machinery & equipment
Terms:
- maximum loan amount as determined by cooperative board of directors
- approximately 1.5% below prime.
- 10 years maximum term
- not to exceed 50% of total project cost
- satisfactory security
Application Process:
- complete business plan w/ 3 years historical & projected financial statements
- typically 30 - 60 days turnaround
Selection Factors:
- nature of project
- energy consumption
- economic impact
- probability of success
- ownership & management
- quality of business plan
- supplemental funds
Contact:
People's Cooperative Services Economic Development Representative:
Tim Clawson CEcD
Economic Development Manager
(507) 424-6278
Email: Tim Clawson