Coop RLFs Support Tornado Recovery in Marshalltown
on Friday, August 24, 2018
Small Business Microloans Available to Existing Businesses Affected by July’s Tornado
In response to the July 19 tornadoes in central Iowa which devastated many businesses and homes, Consumers Energy Cooperative, Heart of Iowa Communications Cooperative, and Marshall Economic Development (MED) have partnered to provide interest-free microloans from $5,000 - $10,000 to established Marshalltown businesses affected by the tornado in order to help with short-term capital needs.
The funds being used are part of each entities’ Revolving Loan Fund (RLF) through the USDA. Grants were provided to these local organizations which use the funding to establish revolving loan funds. Loans are made from this fund to projects that will create or retain local jobs. Working in partnership, each entity has set aside funding for this special working capital program; Consumers Energy set aside $200,000; Heart of Iowa $100,000; MED $40,000.
Consumers Energy, Heart of Iowa, and MED have formed a loan review committee for this special project. If you are interested in obtaining a microloan for your affected business, please contact Jim Lowrance, RLF Administrator, at 641-351-8690 or firstname.lastname@example.org. This disaster response program will exist for 6 months from the time of board approvals or until the funding approved for the program has been fully utilized.
Consumers Energy is an electric cooperative owned by the members we serve. Headquartered in Marshalltown, Iowa, with an outpost in Nevada, Iowa, the cooperative provides reliable, safe, and affordable electric service to over 5,000 members throughout five counties in Central Iowa: Marshall, Story, Polk, Jasper, and Tama. Learn more at www.consumersenergy.coop.
Heart of Iowa Communications is a member owned Communications Cooperative serving 12 communities in rural Central Iowa. Heart of Iowa Communications provides cutting-edge broadband technology, voice service and XtremeTV along with superior customer service for home and business. To learn more visit www.heartofiowa.coop.
Marshall Economic Development (MED) provides a unified voice promoting Marshall County economic development. A public-private partnership offering services to clients throughout the county, MED is governed by a 9-15 member Board of Directors representing finance, real-estate, utilities, government, and industry sectors. For more information, visit www.marshalltown.org.