North West REC Announces Business Disaster Loan Program

Orange City, Iowa – A rural electric cooperative in northwest Iowa has announced it is activating a business disaster loan program.

Officials at Orange City-based North West REC say one of Touchstone Energy’s core values ​​is “commitment to community,” and as Touchstone Energy’s electric cooperative, North West REC officials tell us they are pleased to partner with communities and counties across the region to provide assistance to small businesses that have been impacted by the recent flooding.

Cooperative CEO Lyle Korver said, “Our thoughts and prayers continue to go out to all those impacted by the recent devastating floods. The NWREC Board of Directors has approved a disaster business loan program to provide working capital assistance to small commercial and industrial businesses in Sioux, O’Brien, Plymouth and Ida counties whose operations were impacted by the recent flooding. The loans will help meet working capital needs for up to 5 years at 0% interest with a one-year principal deferral. Financing is available in amounts ranging from $5,000 to $20,000, with the typical loan expected to be $10,000.” Korver continued, “The Board recognized the challenges many small businesses are facing in light of the recent flooding and that our RLF could be used to provide disaster assistance.”

He says the co-op will accept applications on a rolling basis and review them weekly until the program’s funds are exhausted.

Businesses interested in learning more about this program or wishing to submit an application can contact the Orange City office at (712) 707-4935 or [email protected].