The interest rate will be five (5) percent per annum for electric heat loans and for grain drying loans.
Loans for electric heating, plenum heaters, wiring, etc. associated with the heating installation will be limited to $5,000 for 5 years. Loans for air-to-air heat pump installations will be limited to $10,000 for 7 years at 5% interest. Loans for ground source heat pump installations will be limited to $20,000 for 10 years. Loans for grain drying installations will be limited to $10,000 for 5 years; for fans, floors, transitions, underfloor unloading equipment and associated secondary wiring.
Loans will be made for the purpose of purchasing Generators, at five (5) percent per annum. Loans for generators will be limited to $3,000 for three years at 5% interest. A minimum monthly payment of $50.00 will be required.
Payment shall be made with the monthly power bills from the cooperative on a monthly or annual basis. Loans are to be approved by the board of directors.