Orange City, Iowa – A northwest Iowa rural electric coop has announced that they are activating a business disaster loan program.
Officials with North West REC , based in Orange City say that one of the Touchstone Energy core values is “Commitment to Community,” and as a Touchstone Energy electric cooperative, North West REC officials tell us they are pleased to partner with area communities and counties to provide assistance to small businesses who have been impacted by the recent flooding event.
The coop’s CEO, Lyle Korver, says, “Our thoughts and prayers continue to go out to everyone who has been affected by the recent devasting flooding. The Board of Directors of NWREC has approved a Business Disaster Loan program to provide working capital assistance to small commercial and industrial businesses in Sioux, O’Brien, Plymouth, and Ida counties that have had their operations affected by the recent flooding event. The loans will assist with working capital needs for up to 5 years at 0% interest with a one year principal deferral. Funding is available in amounts from $5,000 to $20,000 with the typical loan expected to be $10,000.” Korver continued “The Board of Directors recognized the challenges that many small businesses are facing in light of the recent flooding and that our RLF could be utilized to provide some disaster assistance.”
He says the cooperative will accept applications on an on-going basis for weekly review until program funds are exhausted.
Businesses that are interested in learning more about this program or want to submit an application can contact the Orange City office at (712) 707-4935 or lkorver@nwrec.coop.
