WINTER 2023 3 SOLUTIONS While our primary role at Panora Fiber is to keep you connected through communications services—including Fiber Internet—we’ve always viewed economic development in our Iowa service areas as a high priority. For example, we’ve purchased commercial and residential properties in Panora and prepared them for resale and new construction, and we’ve worked with the City of Panora on street development projects. Our Revolving Loan Fund (RLF) is another tool in our economic development toolbox. In 2014, Panora Fiber (then Panora Telco) established our RLF as a local funding source that provides low interest loans to encourage new business development in Guthrie County. Funds received from loan repayments are lent out again to help other local entrepreneurs. The goal is to improve the quality of life in our rural communities by contributing to long-term economic improvements. Priorities include job creation and retention, diversification of the local economy, and public infrastructure upgrades to improve the health, safety, and/or medical care of residents. Eligible loan recipients include new or expanding private businesses, not-for-profit entities, and city or county governments. Eligible uses of funds include land purchases, machinery and equipment, fixed assets, and buildings. Ineligible uses of funds include speculation land purchases, payments to owners or equity investors, debt refinancing, and projects that lack economic development potential. Our RLF works hand in hand with financial institutions and is not intended to be a primary source of funding. Instead, it can help “fill in the gaps” for businesses and other organizations, enabling them to finally reach their goals. The Panora Fiber board of directors administers our RLF. Consideration is given to the financial need of the project, the probability of success, and the benefits of the project to the rural area (including number of jobs to be created or retained, diversification of the economy, quality job creation in terms of pay scale and benefit package, and community development projects and improvements to the community infrastructure). If you have questions about Panora Fiber’s RLF or want to discuss your potential eligibility, please visit panorafiber.com/community. If you still have questions, contact Andrew Randol, CEO and General Manager, at andrewrandol@panorafiber.com. EXAMPLES OF LOW INTEREST LOAN RECIPIENTS Little Panther Daycare & Preschool $100,000 loan Panora Fiber’s RLF was one of several sources of funding to help make the 2021 expansion of the daycare center possible, enabling the facility to accommodate 15 more children and two additional full-time employees. Quality daycare is critical to the economic development of rural communities, and the expansion of the Little Panther Daycare and Preschool in Panora was needed in order to accommodate a long waiting list at the center. OvaEasy $75,000 loan OvaEasy (formerly known as Nutriom) is a small, family-owned company which relocated from the state of Washington to a facility in Panora. It’s been developing new food dehydration technology since 2001 and invented a way of crystallizing egg at low-temperature so that it keeps all its fresh flavor and functionality. With the help of RLF dollars from Panora Fiber and the Guthrie County REC, OvaEasy was able to embark on a nearly $10 million relocation, renovation, production, and warehousing investment. Revolving Loan Fund is a Local Tool
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