The seventh cooperative principle is Concern for Community, where cooperatives work for the sustainable development of their communities through policies supported by the membership. MVEC is dedicated to the sustainable development of the communities in which we serve.
Funding Opportunities
Economic Development
We offer two Economic Development Loan Programs to help support this objective. These loans are intended to create employment opportunities, improve infrastructure, and/or improve the quality of life in rural areas. Eligible applicants include but are not limited to business ventures, government units, community facilities, non-profit entities, and tribal authorities.
Revolving Economic Development Loan
The Cooperative provides a Revolving Economic Development Loan.
- All financing packages should be consistent with lender requirements.
- The minimum amount that can be loaned for any one project will be $10,000. The loan committee will determine the maximum amount of any loan on a project-by-project basis.
- Interest rates are based on the current interest rate market.
Rural Economic Development Loan and Grant Program (REDLG)
The REDLG program is a 10-year, USDA zero-interest loan for those who apply through a Rural Utilities Service borrower.
- MVEC is required to match a percentage of the loan.
- The USDA reviews and awards applicants quarterly.
- Loan funding is up to 75% of the project cost.
- Grant funding is available up to $300,000. This requires a percentage match from MVEC.
- No minimum loan amount required.
Express Energy Design Assistance Portal
In less than ten minutes this tool can help you make decisions about energy efficiency in your building projects and enable you to access incentives available from MVEC.
We’ll ask you detailed questions about your building or construction projects. If you run into a question and don’t know the answer or are unsure what to do, you can always reach us by selecting help, and one of our energy efficiency professionals will contact you. Get started by following the link.
MVEC Loan History
MVEC has been approved for three grants from the USDA REDLG Program. These funds now make up our revolving loan fund, which we loan to members.
- $200k - City of Arlington in 2010 for community center. MVEC matched $40k.
- $219k – City of Montgomery in 2023 for ambulance. MVEC matched $43,840.
- $360k - City of Norwood-Young America for industrial park. MVEC match $60k.
Revolving Loan Fund Recipients:
- City of Arlington streetlights - Converted all city streetlights to LED
- Revival on Main - HVAC upgrades
- Holy Family School - LED lighting retrofit in school and parking lots
Additional Information: Federal lending regulations are imposed on the project, including compliance with laws about civil rights, wages, the American Disability Act, equal opportunity employment, historic, etc. An environmental review of the projects is required for construction projects. Contact Joe Green at (952)492-2313 or (800) 282-6832 for more information.