Todd-Wadena Electric Cooperative (TWEC) is helping to grow local communities that provide jobs, tax revenues, and healthy businesses – all vital to a thriving community. To support this objective, we offer two economic development loan programs. The loans are intended to create employment opportunities, improve infrastructure, and/or improve the quality of life in rural areas. Eligible applicants include, but are not limited to, business ventures, government units, community facilities, non-profit entities, and tribal authorities.
Revolving Economic Development Loan
- The Revolving Economic Development Loan is provided by TWEC and considered on a project-by-project basis.
- All financing packages should be consistent with lender requirements.
- The minimum amount that can be loaned for any one project is $10,000. The maximum amount of any loan is determined by the loan committee on a project-by-project basis.
- Interest rates are based on current interest rate market.
Rural Economic Development Loan and Grant Program (REDLG)
The REDLG program is a USDA zero-interest loan for those who apply through a Rural Utilities Service borrower, such as TWEC.
- TWEC is required to match a percentage of the loan.
- The USDA reviews and awards applicants quarterly.
- Loan funding is up to 80% of the project cost, up to $2,000,000.
- Grant funding is available up to $300,000. This requires a percentage match from TWEC.
- No minimum loan amount required.
The Cooperative also offers an Improve-It Loan to our members. This program helps members finance small-scale home improvement projects at a low interest rate. Many different projects qualify for the Improve-It Loan. Loans may be approved for air conditioning, dual heat installations, electric fireplaces, lighting upgrades, generators, heat pump installations, insulation, major electric appliances, personal computers, private sewer systems, service upgrades, thermal doors and windows, and wells. Loan amounts range from $500 to $15,000. Interest rates vary quarterly, depending upon the current market.
At Todd-Wadena, our top priority remains providing safe, reliable, and affordable energy options to our members where they are – whether that is the irrigation service, a commercial factory, or residential homes. But we are doing so much more. True to cooperative principle #6 (Concern for Community), we also work for the sustainable development of our communities. When our communities thrive, we all do.
