USDA accepting REAP loan guarantee, grant applications

In Washington, USDA Rural Development is taking loan guarantee and grant applications for the Rural Energy for America Program, or REAP, for projects to be awarded in 2010. This year, producers and businesses in Iowa have received $35 million in REAP loan guarantees and grants, which can be used for renewable energy systems, energy efficiency improvements, feasibility studies and energy audits.

Businesses and producers in rural Iowa looking to create renewable energy or make energy-saving improvements may be able to finance up to 75 percent of eligible project costs through the program. Stand-alone grants can be awarded up to 25 percent of total eligible costs. To qualify for financial assistance through REAP, project costs must be greater than $10,000 for renewable energy projects.

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