HELP Fund Application

Heartland Economic development Loan Program

A completed HELP Fund application is necessary to evaluate the proposed project and make recommendations to the Loan Review Committee. The applicant must also provide additional information including business and financial information and supporting documents upon request.

A non-refundable application fee of $100 is payable at the time an application is submitted. After an initial review by Heartland Energy, the Loan Review Committee will review the project and make a recommendation to the Heartland board of directors, who will determine final course of action. The applicant will be responsible for all closing costs associated with the loan.

Privacy is assured. Applicants’ financial information and trade secrets will be held in confidence and considered as needed in executive session or at meetings that are closed to the public and deemed confidential pursuant to state law.

For assistance when completing this application package, please contact Heartland Director of Economic Development Casey Crabtree at (605) 256-6536.

Completed applications and documentation can be submitted electronically below or printed and mailed to PO Box 248, Madison, SD 57042.

This Institution is an Equal Opportunity Provider.

Apply for the HELP Fund Loan

Step 1 of 6

Business Information

Business Address(Required)
Format must be in (xxx)-xxx-xxxx
Business Type

Program Information
The Heartland Economic development Loan Program (HELP) Fund is a revolving loan fund established by Heartland Energy to encourage economic development and growth in customer communities. Loans are provided to customers, their economic development corporations and new and expanding businesses served by Heartland customers. Loans are awarded for projects that advance the purpose of the district by encouraging and extending the use of electric energy, for business ownership and expansion, job retention and creation and entrepreneurial enterprises.

A minimum of 10% equity contribution from the applicant is required as well as participation from a  commercial lender. The Fund works closely with applicants to apply for additional financing through local banks, federal, state and local agencies and other loan funds (local, regional, state and federal programs). Depending on the loan type, we may require documentation stating said institution cannot finance the entire project, thus creating the need for a partner (the Fund) to participate.

Via an Intermediary Relending Program (IRP), Heartland will match 25% of the total participation and the United States Department of Agriculture (USDA) will match 75%.

Heartland will assist applicants in preparing the application and packaging free of charge. Fees such as filing fees, attorney fees, abstracting costs and other fees appropriate to the loan will be paid by the applicant and may be included in the IRP financing. All fees and charges will be documented and justified at the time the loan request is submitted to Rural Development for processing.

The loan review committee determines loan interest rates. Loans may be limited to a maximum of 20 years for land, building and permanent fixtures; 15 years or useful lifespan for machinery or equipment, and 7 years for working capital.

If loan funds are committed, they must be used within 60 days. If funds are not used within 60 days, interest will accrue at the rate specified for your loan or the funds will be returned to the HELP Fund.

For new construction or expansion projects, the applicant must have approval from the Loan Review committee prior to beginning the project. Failure to do so will jeopardize loan fund eligibility.