The New England Golf Association took another step closer to getting the golf course resurrected in the city of New England.
Posted May 30, 2014
By COLE BENZ | Herald Editor | email@example.com
On May 22, Slope Electric approved to sponsor an application for the association to receive a REDLoan (Rural Economic Development Loan). A move voted on by the board at Slope Electric.
“The Board of Directors voted to move forward with the application,” said Travis Cooper, CFO at Slope Electric.
“Slope is sponsoring it… that means the application will be written and be applied to the USDA for that,” Cooper said.
The final step is getting the USDA Rural Development to approve the funding. The USDA Rural Development helps rural areas with development through these types of programs. According the USDA Rural Development website (www.rurdev.usda.gov), a REDLoan is a program that provides funding through local utilities for various projects. The parameters of the loan include 10 years no interest, the loan is given to the utility and passed on to the desired project.
It is also considered an 80/20 grant. If approved, the New England Golf Association would have to come up with a 20% of the requested loan amount, and the other 80% would be provided by the loan.
The application, according to Cooper, will be written by the North Dakota Association of Rural Electric Cooperatives and submitted. After the application is submitted to the USDA, the time line for a decision could be anywhere from two months, to nine months according to Cooper.
Still, Fitterer is working hard while the Golf Association awaits the next step.