North West REC and Iowa Lakes Electric Cooperative have partnered with Iowa Area Development Group (IADG) to expand their Revolving Loan Fund (RLF) programs, assisting businesses affected by June 2024's devastating floods along the Big Sioux, Little Sioux, and Rock Rivers.
Recognizing the urgent need to assist businesses that suffered devastating losses, the cooperatives expanded their RLF programs to offer zero percent interest working capital loans for up to five years, helping small businesses recover from flood losses.
The response has been significant: as of September’s end, over forty loans totaling nearly $600,000 have been approved. This swift action highlights the cooperatives’ commitment to the communities they serve and their ability to respond effectively in times of crisis.
This initiative exemplifies the cooperative principle of Concern for Community and the Touchstone Energy core value of “Commitment to Community.” By providing this financial lifeline, North West REC and Iowa Lakes Electric are contributing to the region’s economic recovery and resilience.
NIPCO commends North West REC and Iowa Lakes Electric for their proactive efforts. Their response has created a valuable opportunity for local communities to rebuild and strengthen in the face of adversity.
This program serves as a powerful reminder of the unique role cooperatives play in supporting their communities, especially during challenging times.
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