Economic Development Loan Program
The primary purpose of Powder River Energy’s Economic Development Program is to provide a source of funds for economic development projects at the local level in northeastern Wyoming.
There are two sources of funding available: federally-funded and non-federally funded. The federally-funded program is the Rural Economic Development Loans and Grants (REDLG). REDLG works in conjunction with the United States Department of Agriculture (USDA). The non-federally funded program is administered primarily at the local level. Eligible projects for low-interest loans can include those of business ventures or non-profit entities involved in a community or economic development project promoting job creation and/or providing needed community services benefiting rural areas. The minimum loan amount is $20,000.
Loans and grants are subject to maximum limitations and servicing fees. Other transaction costs may also apply.
The first step in receiving development dollars from either fund is to fill out a Loan Fund Application and return it to Powder River Energy CEO Mike Easley. The application is available below or you can call our office at 800-442-3630 to request an application. After receipt by PRECorp, applications will be reviewed by in-house committees to determine the completeness of the application and the project’s eligibility for financing.
Any applications approved by PRECorp and needing approval for federally funded dollars would be referred to a state representative with the USDA for assistance with federal paperwork and submittal to a federal office for loan approval. Normal turnaround time is five months from initial receipt of an application to a decision on whether a project will be funded through the REDLG program.
The loan recipient is required to provide collateral generally in the form of an irrevocable letter of credit extending throughout the term of the loan.