If you are fortunate and have a rural telephone or electric company serving your fire district (or even in the region) there is a potential funding source for equipment that you may not be aware of. New to me.
USDA has a program call the Rural Economic Development Loan & Grant program (REDLG). Pronounce redleg. The way it works (I'm not an expert).
- USDA provides zero-interest loans to electric and telephone utilities.
- The utilities reloans the funds to eligible economic development project
- USDA may also grant $ to the utilities (who add an additional 20%) to create a revolving loan fund. These $ must, as 1st use, go into community project.
- The project repays the loans (at 0%) to the utilities
- The utility now has $ they can loan from their new "bank" to other projects that are of value to the community.
A could of links that discuss:
http://www.rurdev.usda.gov/rbs/busp/redl.htm
Or better link (start on pg 12)
http://www.rurdev.usda.gov/ks/2006%2...LG,%20RBEG.pdf
For example in my area. We have a GREAT Telco, (low rates, fiber at the curb, after 8yr a VERY large dividend). Local group wants to build a childcare center. USDA REDLG loans Telco a pile of $ and GRANTS $125000. Childcare center complete and parents pay for daycare. Childcare center repays telco monthly. Telco has a sizable and growing pile of cash they MUST reloan for useful purposes. Int rate as low as 0%.
Not as good as a grant as you have to pay it back but a LOT better than a USDA loan (4.5% with a BIG pile of paperwork). And MUCH less expensive than an Essential Community Services Loan down at the local bank (6.5% and a smallish pile of paperwork). App is a simple description of the project and repayment plan/simple financials.
If you have a telco or power co within a couple of hours check you might check it out. Perhaps contact the local USDA Rural Development manager and ask who in the region has received REDLG grants. Or put in some google time.
USDA has a program call the Rural Economic Development Loan & Grant program (REDLG). Pronounce redleg. The way it works (I'm not an expert).
- USDA provides zero-interest loans to electric and telephone utilities.
- The utilities reloans the funds to eligible economic development project
- USDA may also grant $ to the utilities (who add an additional 20%) to create a revolving loan fund. These $ must, as 1st use, go into community project.
- The project repays the loans (at 0%) to the utilities
- The utility now has $ they can loan from their new "bank" to other projects that are of value to the community.
A could of links that discuss:
http://www.rurdev.usda.gov/rbs/busp/redl.htm
Or better link (start on pg 12)
http://www.rurdev.usda.gov/ks/2006%2...LG,%20RBEG.pdf
For example in my area. We have a GREAT Telco, (low rates, fiber at the curb, after 8yr a VERY large dividend). Local group wants to build a childcare center. USDA REDLG loans Telco a pile of $ and GRANTS $125000. Childcare center complete and parents pay for daycare. Childcare center repays telco monthly. Telco has a sizable and growing pile of cash they MUST reloan for useful purposes. Int rate as low as 0%.
Not as good as a grant as you have to pay it back but a LOT better than a USDA loan (4.5% with a BIG pile of paperwork). And MUCH less expensive than an Essential Community Services Loan down at the local bank (6.5% and a smallish pile of paperwork). App is a simple description of the project and repayment plan/simple financials.
If you have a telco or power co within a couple of hours check you might check it out. Perhaps contact the local USDA Rural Development manager and ask who in the region has received REDLG grants. Or put in some google time.
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