Small Communities Loan Program
The Small Communities Loan Program offers loans in communities with populations of less than 1,500 for community-based projects that support and enhance the vitality of the community. The Southwest Initiative Foundation recognizes that small communities play an important and unique role for the region and supports the activities in these communities.
Community and business projects that may be eligible for these loans include, but are not limited to, small municipal projects, support for local non-profit organizations, projects to benefit the local school district, or for-profit business projects. The program is administered by Prairieland Economic Development Corporation.
- Loan size may not exceed $50,000.
- The use of loan funds is flexible and dependent on the benefit to the community.
- Interest rates are fixed at a six percent floor at the time of loan approval.
- Recipients must show adequate cash flow to service the debt.
- Loan recipients will be charged a one percent loan origination fee.
Applicants are encouraged to contact Prairieland EDC at an early stage in project development to discuss the feasibility of support for their projects. A loan officer will endeavor to provide an indication of the project’s eligibility and to suggest factors which should be considered to maximize the potential for developing a viable proposal.
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