LAIC Receives Development Loan

Posted on Thursday, July 17, 2008

The Lake Area Improvement Corporation has solidified a USDA Rural Development Intermediary Re-lending Program loan.

According to LAIC Board President Mike McDowell, This loan will work as an additional tool to be used by the LAIC to promote economic sustainability in Lake County. The monies in conjunction with funds from the Forward Madison Investment Campaign will provide opportunities for entrepreneurs, local business and industry, as well as new business and industry.

Linda Salmonson, Economic Development Manager, East River Electric Power Cooperative, Inc. and member of the LAIC Board of Directors, explains The existing loan funds serving Lake County welcome additional resources for lending. Both the REED fund and Heartland Fund have offered support and technical assistance to LAIC as it implements its IRP Fund. LAIC also has a close working relationship with First District Development Company.

Furthermore, The overall demand for economic development loans in Lake County is projected to grow based on studies of revolving loan funds in South Dakota. South Dakota Rural Enterprise conducted a survey of Revolving Loan Funds in the summer of 2007 and revealed that the loan funds in South Dakota had grown significantly since 2000 and that over 87% of capital was currently deployed in loans.