Northern Plains Electric Cooperative was the recipient of a $400,000 USDA Rural Economic Development Grant. That grant established Northern Plains Electric's Revolving Loan Fund, which has since been expanded in size by additional USDA and Basin Electric Cooperative funds. Loans can range from a minimum of $5,000 to a maximum determined by funds available.
The RLF is intended to provide financing alternatives and leverage other funding sources for new or expanding businesses or community facilities in the Northern Plains area.
The RLF may be used to provide temporary or permanent financing for capital costs (land, buildings, infrastructure), equipment, and working capital.
The RLF has substantial flexibility in the types of financing tools which can be used. Each loan will be structured to meet the needs of the applicant while weighing the impact of the business on the local economy.