O'Brien County Economic Development Accepts IRP Loan from Storm Lake

News & Information

October 9, 2014

Primghar, Iowa, October 9, 2014 –In an extraordinary move, O’Brien County Economic Development Corporation (OCEDC) adopted a resolution at their September 16th Board of Directors meeting to accept the transfer of the Intermediary Lending Program (IRP) loan from Storm Lake Chamber & Area Development (SLCAD). At that same time, OCEDC also signed an operating agreement with Storm Lake Chamber & Area Development in order to facilitate the transfer of the IRP loan.

This IRP loan will provide O’Brien County Economic Development Corporation with an additional resource of $400,000 in revolving loan funds. O’Brien County will follow their own IRP Work Plan with the exception of Storm Lake’s match agreement with the USDA Rural Development, which requires a 25% match to be made at the time funds are disbursed.