Development Guidelines

Revolving Loan Fund (RLF)

Loan Amount:	Minimum – none Maximum – $100,000
Financing Mix:	30% of total project – GLE (not to exceed $100,000) 50% of total project – financial institution* 20% of project – equity *Exception: when client has their own internal financing to cover 70% of total project costs.
Interest Rate:	At the discretion of the GLE Board of Directors: 1/2 of prime interest rate at time of loan approval maximum of 1/2 of prime interest rate at time of loan approval, plus 2%
Loan Term:	Matches financial institution financing up to a maximum of 10 years
Fees:	Consulting – NLEA Start-up fee of $500 1.5% application fee of loan amount approved (payable only if loan approved by GLE) GLE 1.5% administrative fee (one-time fee based on total amount of loan) Reimbursement of all legal and approval process fees (including appraisal fees, if applicable), whether or not loan is closed 1% annual loan service fee charged on unpaid principle as of January 1 of each year NOTE: these fees can be part of the overall loan.
Counties Served:	All 26 counties in GLE’s service territory covering western and northern Michigan from Kalamazoo to Mackinac Straits.

Loan Amount:	Minimum – $100,000 Maximum – $740,000
Financing Mix:	30% of total project – GLE (not to exceed $600,000) 50% of total project – financial institution* 20% of project – equityNOTE: GLE’s maximum loan amount in $600,000 *Exception: when client has their own internal financing to cover 70% of total project costs.
Interest Rate:	Zero percent
Loan Term:	Matches financial institution financing up to a maximum of 10 years.
Fees:	Consulting – NLEA Start-up fee of $1,500 1.5% application fee of loan amount approved (payable only if loan approved by GLE & USDA)* GLE 1% administrative fee (one-time fee based on total amount of loan)* Reimbursement of all legal and approval process fees (including appraisal fees, if applicable), whether or not loan is closed* *NOTE: These fees can be part of the overall loan.
Counties Served:	All 26 counties in GLE’s service territory covering western and northern Michigan from Kalamazoo to Mackinac Straits.

May 9, 2012
- The Great Lakes Energy People Fund is accepting grant applications from non-profit organizations throughout its local service area. The upcoming grant application deadline is June 1.
- READ MORE »