November  2005      Vol. 14, No. 10  REAP HOME PAGE  A publication of the Center for Rural Affairs    
  < NEWSLETTER MENU  11/05      

Online Lending System Update: Favorable Early Reviews

After many months of research, planning and development, the REAP Online Lending System was officially installed on the REAP website, http://www.cfra.org/reap on August 26, 2005. The new system has been used already by several REAP applicants and has received favorable reviews.

The goal of REAP is to have the new system working as flawlessly as possible by the end of this year. No doubt the new system will have a few problems to work through, but REAP is prepared to work through these and have the system functioning at a very high level.

REAP is also unveiling a new loan product called the “REAP Rapid Loan.” The REAP Rapid Loan concept incorporates an online application and is a loan product with a $5,000 maximum limit. REAP will continue to offer the “REAP Direct Loan,” which is a loan product with a $25,000 maximum limit.

It is important to note that the new online lending system is simply one way to apply for a REAP loan. Entrepreneurs can also download the application and fill it out manually or receive the information from REAP as in the past. Listed below are the links and brief descriptions of each link with the new REAP Online Lending System.
 
http://www.cfra.org/reap/  REAP home page link. The online lending system link is below the “Loan Programs” button.

http://www.cfra.org/reap/loan_programs.htm  Updated Loan Programs page. There are links to the system on this page.

http://www.cfra.org/reap/rapidloan_entry.htm   Entry page for the online lending system.

https://secure.cfra.org/login.asp  Takes the applicant to the secure site where they enter there user name/password and begin their application.

WHAT DO YOU THINK?
If you have a chance, please check out the new REAP Online Lending System and let us know what you think of the new system. If you know of someone who is looking to start or expand a small business and is looking for financing, please mention the REAP Online Lending System to them as a possible option.

Also, keep in mind the full range of services that REAP provides including lending, training, networking opportunities, technical assistance, and loan packaging services for startup and existing microenterprise (businesses with 5 or fewer employees).

The REAP program is your program. REAP is committed to providing superior business development services and increasing our outreach in the rural areas of Nebraska on a statewide basis. Let us know how these new initiatives are working for you, and continue to let us know what you need from REAP. As always, we will continue to adjust and enhance the program to meet your needs and expectations.


Contact: Jeff Reynolds, REAP Co-Director at 402.656.3091 or jeffr@alltel.net for information.
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