NIPCO Powers Economic Development in Western Iowa
Dollars and Change
At Northwest Iowa Power Cooperative (NIPCO) we know it takes financial resources in order to make a positive impact. NIPCO's commitment to community is just one foundation of service that we provide to the communities we serve. Through collaborative relationships between NIPCO, our distribution cooperatives and local economic development partners, we can make a difference by building the local economy through economic and community development programs.
NIPCO offers a variety of programs to our member cooperatives within our ten-county service area in Northwest Iowa. These programs support economic and community development projects in order to increase and diversify sales, create and retain jobs, and to increase the tax base in the NIPCO system.
For more information, please work with your local electric cooperative to learn about all of the programs available to your communities.
NIPCO Revolving Loan Fund Program
- Loans available from $10,000 - $100,000 for up to five years for eligible economic or community development projects.
- No payments are due and no interest accrues during the first year of the loan term. The loan is amortized over the remaining years of the loan term with level debt service payments due, monthly. Interest rate is, then, set at NIPCO's Line of Credit Borowing rate plus 1%, adjusted quarterly.
- Application is made to the electric cooperative/NIPCO on an application form made available from the electric cooperative/NIPCO.
NIPCO Intermediary Relending Program (IRP)
NIPCO is currently accepting applications from businesses for use of the funds associated with the USDA IRP Fund. There are no restrictions regarding service territory. The maximum loans under this program are $150,000. Prior loans from the IRP Fund have been five years in term and carry an interest rate at or near the prime rate. These federal funds can be lent to businesses in the following counties: Ida, Monona, Crawford, Audubon, Shelby and Harrison.
For more information on economic development programs offered by NIPCO and its members, please reach out to your local rural electric cooperative office or contact:
Angela L. Catton
Manager of Member Relations and Development
Northwest Iowa Power Cooperative
31002 County Road C38
Le Mars, IA 51031
All Economic Development Program applications made to Class A Members/NIPCO are subject to approval by the NIPCO Board of Directors.
This institution is an equal opportunity provider and employer.