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 members have access to the REAP Rapid Loan product. REAP members will receive an interest rate reduction of 2% on the first two REAP Rapid Loans. This interest reduction only applies to the REAP Rapid Loan product and only the first two loans of this type.
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 and as a completed application for loans up to $20,000. 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.
The REAP Rapid Loan and REAP Direct Loan Pre-Application can be:
- Filled out online
- Downloaded and sent in (MS word file)
- Or you can contact your area REAP Loan Specialist to receive the application forms.