Feda Solar Financing

HOW DOES THE APPLICATION PROCESS WORK?

• Funding established by the Fairfield Economic Development Association to promote renewable energy
• Customer works with a participating bank

WHAT IS THE INTEREST RATES?

• Prime +.75%. Prime is evaluated on an annual basis. In 2014 the prime rate was 4%.

WHAT ARE THE LOAN TERMS?

• Minimum loan: $3,000
• Maximum loan: $300,000
• Minimum consumer credit score: 625
• Consumer payment to income ratio: Not to exceed 40%
• Commercial credit debt service cover ratio: 1.2 or better
• Loan Length: 3 to 10 years
• Must be a resident of Jefferson, Wapello, Keokuk, Washington, Henry, or Van Buren County

HOW TO APPLY:

• You will first need to complete an application form. This form will be turned into one of the local financing institutions listed below. Simpleray can help guide you through this process.

LOCAL LENDING INSTITUTIONS WITH FEDA FUNDING AVAILABLE

• Community 1st Credit Union
• First National Bank in Fairfield
• Iowa State Bank
• Libertyville Savings Bank
• MidWestOne Bank