Every year, the average American home loses $150 worth of energy through inefficient appliances, lack of insulation or drafty windows and doors. Don't let that energy and money escape one more day. Home and businesses are eligible for the SE Iowa Energy Rewards Program.
The goal of the program is to make Business and Homeowner energy projects affordable. You can use a loan to upgrade or replace nearly any business, industrial or home equipment. Including old appliances — water heater, furnace, air conditioner etc; Add insulation and sealants to weatherize your home or business; complete a renewable energy project like solar electric or geothermal.
Questions and Answers:
What are the interest rates?
Prime +.75% evaluated on an annual basis. 2014 rate is 4%
What are the loan terms?
- Minimum loan: $3,000
- Maximum loan: $300,000
- Minimum consumer credit score: 625
- Consumer payment to income ratio: Not to exceed 40%
- Commercial credit debt service cover ratio: 1.2 or better
- Repayment period: 3 to 10 years
- Must be a resident of Jefferson, Wapello, Keokuk, Washington, Henry, or Van Buren County
How to apply for a loan:
All loan applicants must complete the Application Checklist. The documents referred to on the list are:
After you have completed the checklist, take the documents to one of the following participating lending institutions and follow their procedure for applying for a loan:
- Community 1st Credit Union
- First National Bank in Fairfield
- Iowa State Bank
- Libertyville Savings Bank
- MidWestOne Bank
- Iowa Wind and Solar
The Fairfield Economic Development Association (FEDA) is working with the City of Fairfield’s Go Green Plan and local lending institutions in order to offer this loan program to residents of Jefferson County. The lending process and loan underwriting varies among financial institutions. Please, refer to a participating lending institution for more information concerning their lending process and loan underwriting.
This is a loan loss reserve program, backed by funds from ARRA via the Iowa Department of Administrative Services and administered by FEDA. If you have questions about this program, please contact FEDA and ask for Anna.back to top