Mor-Gran-Sou Electric Cooperative, Inc. offers its members loans for:
The installation of energy conservation devices.
Energy efficient appliances
Alternate energy sources
To apply for a loan, please fill out the Loan Application
An Alternate Energy Source Loan provides a low-cost alternative method of supplying affordable and reliable electric service. At the sole discretion and choice of Mor-Gran-Sou, the member may be offered a choice of an alternate energy source system, in lieu of installing a new line to a seasonal-use site.
Mor-Gran-Sou will offer low-interest loans to a member who purchases an alternate energy source system. Mor-Gran-Sou will finance up to 75 percent of the purchase price and installation. A loan of $4,000 or greater shall not exceed 10 years. The maximum loan is $10,000. A loan less than $4,000 shall not exceed five years.
Currently the cooperative will charge an interest rate of 8 percent simple interest annually on the balance. Minimum contract payment will be $25 per month. The member shall have a good credit rating and is free to purchase the system from any distributor.
Uses: Wind, solar, stand-by generators and other alternative energy sources.
An Energy Resource Conservation Loan provides low-interest loans that allow members to make energy conservation improvements to their homes and businesses.
Borrow $3,000 (up to $10,000 for electric heat installations with board approval) at 5 percent interest with payment periods of up to 84 months. Payments are made with monthly electric billing statement.
Uses: Caulking, weather-stripping, insulation, doors, storm doors, windows, storm windows, heat pumps, electric heating and cooling systems, electric water heaters, attic fans and load-control devices.
Mor-Gran-Sou offers technical assistance for new business enterprises, cooperative development and business retention. Loans are available. Some projects we have assisted with include Frontier Marketing Group, Flasher, N.D.; Dakota Agri-Board, Hebron, N.D.; and Dakota Dairy Specialties, Hebron, N.D.
Economic development loans assist members in the expansion or start-up of their small business, which will employ people in the area and help diversify the economy.
A current member may borrow up to $3,000 at 5 percent interest with a payment period of up to 36 months. Also, a substantial business plan with current numbers must be made available to Mor-Gran-Sou.
Uses: Any legitimate business purpose to enhance the business operation, including equipment and inventory purchases, research and development, and facility remodeling.
A Marketing Loan allows current members to purchase energy-efficient appliances that are not allowed under the Energy Resource Conservation Loan Program.
Mor-Gran-Sou will loan 80 percent of the cost of an electric appliance up to $2,000 maximum. The minimum loan amount is $240. Interest rate is currently at 8 percent. Loan duration is from 12 to 36 months. Payments are made with monthly electric billing statement.
Uses: Electric clothes washers/dryers, stoves/ranges, air conditioners or other such electric appliances.
Rural Business and Cooperative Development Services:
Rural Economic Development Loan and Grant (REDLG) program
The REDLG loan program is in place to promote rural economic development and rural job creation projects, and to assist in developing facilities for emerging enterprises.
The minimum loan amount is $10,000; the maximum dollar award on loan is $2,000,000. Loan specifics include zero-interest; payment period up to 10 years; monthly service fee. A letter of credit or other form of guaranty satisfactory to Mor-Gran-Sou is required.
Uses: For the exclusive purpose of promoting rural economic development and/or job creation. Preference given to businesses organized under N.D. Century Code as non-profit cooperative enterprises.