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NWREC Business Disaster Loan Program


North West REC Announces Business Disaster Loan Program


Lineman in bucket truck working on pole over flood water

Wednesday, July 3, 2024 – Orange City, IA – One of the Touchstone Energy core values is “Commitment to Community,” and as a Touchstone Energy electric cooperative, North West REC (NWREC) is pleased to partner with our area communities and counties to provide assistance to small businesses who have been impacted by the recent flooding event. “Our thoughts and prayers continue to go out to everyone who has been affected by the recent devasting flooding,” says Lyle Korver, CEO of NWREC.

 

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 who have had their operations affected by the recent flooding event. The Cooperative has operated a revolving loan fund (RLF) since 1995 to assist new or expanding businesses. The RLF funding has grown over the years through grants from the USDA Rural Economic Development Loan & Grant program (REDGLG) and matching funds from NWREC. Approval has been given to expand the RLF to provide this disaster assistance to our local small businesses who have suffered significant loss from the recent flooding.

 

The loans will assist with working capital needs and will be for up to 5 years at 0% interest with a one-year principal deferral. Korver said, “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.”

 

Jeff Rehder, NWREC Board President, said, “We know that time is of the essence to provide assistance to the impacted businesses. We have created a streamlined application process and established a Loan Review Committee, so we should be able to approve and process loans in a short period of time.”

 

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.

 

About North West REC:

Owned by the members it serves, North West REC provides electric service to 10,365 farms, homes, agricultural, and business customers in O’Brien, Sioux, Plymouth, and Ida counties. NWREC is committed to delivering power that is safe, reliable, affordable and environmentally responsible.

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