Western Iowa Networks Pitching in For Breda Pool Project
Western Iowa Networks (WIN) recently presented the City of Breda, IA with a check for $360,000 to help with fundraising efforts for their pool project. The $360,000 is made possible through a program administered by the US Department of Agriculture (USDA) for WIN’s new Revolving Loan Fund (RLF). The funds will be allocated to the City of Breda as a 0% interest loan.
The City of Breda was the first entity to apply for this loan through WIN. $300,000 of this loan will come from USDA, $30,000 from WIN and $30,000 from Aureon’s Ripple Effect Program in partnership with the Iowa Area Development Group (IADG). This fund must be administered by an eligible rural utility service (RUS). The initial loan through this program must go to a non-profit, local government or school district, but, once the loan is paid back, these funds can be utilized to help the projects of a public or private company in any of WIN’s serving areas.
“We are proud to be able to continue to give back to the community we have been serving since 1905. This pool project will be a huge benefit to young and old alike.” Said WIN CEO Jeff Roiland. “The Revolving Loan Fund is unique in the fact that these funds can continue to be used for other projects in our serving areas for years to come.”
Some of the stipulations of the RLF is that it go to a community development project with job creation in a community with a population of 2,500 or less and that it be for funding of 5-30% of the project as defined in the application.