Renewable Energy Loan Program
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| Southwest Initiative Foundation provided loan funding to Community Wind South, LLC in Luverne, Minn. |
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Recognizes that renewable energy is a significant
economic asset opportunity in southwest
Minnesota.
Eligible business ventures may include energy production
businesses, secondary businesses that support the renewable
energy industry, energy usage conversion projects or new and
emerging technologies.
Loan funds may be used for up-front development costs, land,
building or building improvements, machinery and equipment,
inventory and working capital.
Applicants must have adequate collateral and the loan may be
subordinate only to the interest of the primary lender.
The loan amount must not exceed 25 percent of a project,
up to a maximum of $500,000. The exception is energy
conversion projects, which may qualify for up to 100 percent
financing with bank participation in other aspects of the
business.
Interest rates will typically be at market rate, but will be
determined by a measurement of risk and on a case-by-case
basis.
Loan amortization is based on the life of the assets and will
match the term of other lenders on the project where possible.
Loan maturity will generally be five years but may have
extended amortizations if warranted by the financed assets.
Applicants should contact SWIF at 800-594-9480,
320-587-4848 or loans@swifoundation.org early in the
project development stage.
Applicants should complete a loan application.
For more information about the Southwest Initiative Foundation’s Renewable Energy Initiative, click here.
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