Rural Enterprise Reporter
Over $440,000 in Approved Loans Proves
Success of REAP Lending
REAP loan programming was exceptional the past year. We
placed 46 loans totaling $444,591 in fiscal year 2008. Of this
total, one $2,000 loan was placed through the Quick Grow loan
program, 24 loans totaling $99,841 were placed with the REAP
Rapid Loan product, and 21 loans totaling $342,750 were placed
through the REAP Direct lending program.
Our business planning services often result in substantial
leveraged lending. For example, a REAP client will complete a
business plan in consultation with an area REAP business
specialist, and will then be able to secure a loan from a
traditional lender, development district, community action
agency, or a local loan fund.
REAP staff have also helped “package” loans with other
lenders in addition to our own loan fund. We leveraged over
$673,000 in the past year due to REAP assistance. Historically,
our “leveraged” loans total $9,491,405.
In 1998 we created the REAP Direct Loan Program to service
REAP members whose financial needs had outgrown our Peer loan
program. It became a permanent part of REAP in 2000.
The Quick Grow Loan program began in 2002 as a collaborative
effort between REAP and GROW Nebraska. It was developed
exclusively for use by GROW Nebraska clients. The Quick Grow
Loan has a $5,000 maximum limit, can be used for startup and
existing businesses, and has an easy borrower application
process and a quick turn around.
In 2005 we introduced the REAP Online Lending System. It
includes a user friendly web-based micro loan application. The
REAP Rapid Loan was introduced at the same time. The Rapid Loan
is a micro loan with a $5,000 maximum limit and an online
application. The application also serves as a pre-application
for a REAP Direct Loan above $10,000 and up to $35,000.
It has always been REAP’s goal to meet the debt financing
needs of startup and existing micro entrepreneurs in rural
Nebraska – individually or by collaborating with partners. The
REAP Lending Program is meeting this need most effectively.
We look forward to adding additional lending products to our
mix in the future.
REAP lending products can be