The REAP loan program had a record-breaking year from July 1, 2010 to June 30, 2011. We placed 69 loans totaling $1,004,200. Historically, REAP loans total $6,899,946.

Our small business services act as leverage for other loan capital. Often clients complete their business plan in consultation with their REAP Business Specialist, and then qualify for loans from a traditional lender, development district, community action agency or a local loan fund.

Business Specialists have helped to “package” loans that include other lenders in addition to our loan fund. Last year we leveraged $1,204,140. Historically, REAP has “leveraged” loans totaling $13,446,689. Our lending and leverage has created and/or retained 135 jobs.

Loan Products Grow with Entrepreneur Needs
REAP began in 1990 as a Peer Group lender, offering very small, step-up loans. In response to input from clients who needed more capital and to new entrepreneurs, we added the Direct Loan program in 1998 and took it online in 2005.

Also in 2005, we pioneered the online REAP Rapid Loan, a micro loan with a $10,000 maximum limit. The online lending system is a pre-application for a REAP Direct Loan above $20,000 and up to $50,000.

In collaboration with GROW Nebraska, we developed the Quick Grow loan in 2002. With a $10,000 maximum limit, it can be used for startup and existing business purposes and features an easy online borrower application process and quick turnaround for GROW clients.

REAP’s goal is to meet the debt financing needs of startup and existing micro entrepreneurs in rural Nebraska – individually or by collaborating with partners. Our loan products are meeting this need most effectively. As conditions dictate, our loan offerings will continue to evolve.

You can view the full array of REAP loan products at here.