Regional Economic Development Investments Inc.
Regional Economic Development Investments Inc.
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About this organization
Revenue
$83,927
Expenses
$221,562
Mission
Administration of a revolving loan fund. Our mission is to provide loans to businesses in the area by issuing gap financing in order to leverage loans from banks and grants from the state. Out objective is to use these loans to increase the employment base in the area. In addition, we also provided forgivable loans to businesses in Wapello County. These forgivable loans are made in order to increase business and employment in the area.
About
In regards to the grant from the economic development administration, we are able to service outstanding loans. Many contracts were made with potential new industries. We provide gap financing to assist companies in obtaining loans from banks and grants from the state. With these repayable loans, we require a certain number of jobs to be created, depending on the size of the loan, and a surcharge is assessed if the employment goals are not met.
Interesting data from their 2020 990 filing
The purpose of the non-profit, as set forth in the filing, is “Administration of a revolving loan fund. our mission is to provide loans to businesses in the area by issuing gap financing in order to leverage loans from banks and grants from the state. out objective is to use these loans to increase the employment base in the area. in addition, we also provided forgivable loans to businesses in wapello county. these forgivable loans are made in order to increase business and employment in the area.”.
When discussing its purpose, they were characterized as: “Administration of a revolving loan fund. our mission is to provide loans to businesses in the area by issuing gap financing in order to leverage loans from banks and grants from the state. out objective is to use these loans to increase the employment base in the area. in addition, we also provided forgivable loans to businesses in wapello county. these forgivable loans are made in order to increase business and employment in the area.”.
- The filing confirms that the non-profit's address in 2020 was 224 E 2ND STREET 2, OTTUMWA, IA, 52501.
- The form of the non-profit reports 0 employees as of 2020.
- Does not operate a hospital.
- Does not operate a school.
- Does not collect art.
- Does not provide credit counseling.
- Does not have foreign activities.
- Is not a donor-advised fund.
- Is not a private foundation.
- Expenses are between $500,000 and $1,000,000+.
- Revenue is less than $100,000.
- Revenue less expenses is -$137,635.
- The CEO salary plan within the organization is not subject to review and approval by an impartial entity.
- The organization has a written policy that describes how long it will retain documents.
- The organization has 11 independent voting members.
- The organization has a written policy that addresses conflicts of interest.
- The organization is required to file Schedule O.
- The organization pays $0 in salary, compensation, and benefits to its employees.
- The organization pays $0 in fundraising expenses.
- The organization provides Form 990 to its governing body.
- The organization has minutes of its meetings.
- The organization has a written whistleblower policy.
- The organization has grants to organizations.
- The organization's financial statements were reviewed by an accountant.
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