Loan Policy

The REAP Rapid Loan and REAP Direct Loan are loan products of the Rural Enterprise Assistance Project (REAP), a program of the Center for Rural Affairs. The REAP Rapid Loan and REAP Direct Loan are part of a family of loan products designed to fill a gap for financing needs of startup and existing small businesses in rural Nebraska.

The REAP Rapid Loan offers loans up to $10,000. Borrowers fill out the REAP Rapid Loan Application either online or manually. It serves as a completed application for the REAP Rapid Loan.

All REAP loans require collateral. Subsequent larger loans can be obtained through the REAP Direct Loan Program and/or other existing micro lending organizations in Nebraska.

The REAP Direct Loan offers loans up to $50,000. Borrowers fill out the Rapid Loan Application, either online or manually. It also serves as the pre-application for the REAP Direct Loan. If the pre-application is approved, the borrower will complete the REAP Business Plan document for the final loan review. Please see the REAP Direct Program Outline (MS word file) and the REAP Borrower Loan Policies for further information.

Interest rates: The interest rate for the REAP Rapid Loan and the REAP Direct Loan is prime +4 percent or SBA maximum limit - whichever is lower. Rural Investment Corporation/REAP borrowers receive reduced rates for REAP Rapid Loans, the interest rate is 2 percent less than the current Direct Loan rate. This rate reduction is only applicable to the REAP Rapid Loan product. 

The REAP Rapid Loan and REAP Direct Loan Pre-Application can be:

  1. Filled out online
  2. Downloaded and sent in (MS word file)
  3. Or you can contact your area REAP Loan Specialist to receive the application forms.