To create and sustain an environment for business growth and economic prosperity that offers long-term opportunities for residents, communities and businesses in the Northern Plains Electric Cooperative service area.
Our Track Record:
Northern Plains has assisted with many business expansions, new locations and community development projects in our area. This represents a capital investment of over $4.2 million by the Cooperative, which has leveraged an additional $200 million and created more than 600 jobs. Our services are offered at no charge to new and expanding businesses and communities.
The Northern Plains Revolving Loan Fund provides business and community project financing in partnership with commercial and other economic development lenders.
Loans can be made to for-profit businesses, not-for-profit organizations and local governments. Projects include, but are not limited to:
- Small and medium sized business and cooperatives engaged in manufacturing, retail, service and tourism industries
- Community projects relating to water/wastewater, healthcare, education, telecommunications, public safety, recreation and the arts
- Producer owned business and cooperatives that add value to agriculture
- Efficient use of energy is encouraged for all projects and is also an eligible activity
- Applicants do not need to be a member/consumer of Northern Plains Electric to apply
Rural Economic Development Loan & Grant Program (REDL&G)
Under the Rural Economic Development Loan program, USDA provides zero interest loans to rural electric cooperatives which the cooperative can pass through to eligible business and community projects.
Northern Plains board of directors will consider applications for the loan program when the project provides financial stimulus to the area, complements existing business and industry and creates employment opportunities in the region.
- Terms of the loans are zero percent interest for 10 years.
- The maximum loan amount is set annually and cannot exceed 80% of the total project cost.
- Funds can be used for new and expanding for-profit businesses and non profit organizations for land acquisition, construction, equipment and working capital.
- The project must be credit-worthy.
- An irrevocable letter of credit from an approved source will be required to secure the loan.