The seventh cooperative principle is Concern for Community, where cooperatives work for the sustainable development of their communities through policies supported by the membership. Todd-Wadena Electric Cooperative (TWEC) is dedicated to the sustainable development of the communities in which we serve. TWEC offers two Economic Development Loan Programs to help support this objective.
These 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 the Cooperative, project by project.
• Loans are 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 will be $10,000. The maximum amount of any loan shall be 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 Todd-Wadena Electric Cooperative.
• 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.