Overview
What is Regional Economic Development Investments Inc?
Regional Economic Development Investments Inc, based in Ottumwa, Iowa, is a nonprofit organization that administers a revolving loan fund. Their primary mission is to provide loans to businesses in the area, leveraging gap financing from banks and grants from the state. This strategy aims to boost employment in the region. Additionally, the organization offers forgivable loans to businesses in Wapello County to stimulate local business growth and employment. By servicing outstanding loans, making contacts with potential new industries, and assisting companies in obtaining loans, Regional Economic Development Investments Inc plays a significant role in fostering economic development in its community.
Is Regional Economic Development Investments Inc legitimate?
Regional Economic Development Investments Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Regional Economic Development Investments Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
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What is the mission statement of Regional Economic Development Investments Inc?
Regional Economic Development Investments Inc's mission is centered around administering a revolving loan fund. Their primary objective is to provide gap financing to businesses in the area, which in turn helps leverage loans from banks and grants from the state. This strategy aims to enhance employment opportunities within the area. Additionally, the organization offers forgivable loans to businesses, specifically in Wapello County. The purpose of these forgivable loans is to stimulate business growth and employment expansion within the area.
Who is the CEO of Regional Economic Development Investments Inc?
Mike Hadley is the Vice-Chairman of Regional Economic Development Investments Inc.
What is the revenue of Regional Economic Development Investments Inc?
Regional Economic Development Investments Inc's revenue in 2022 was $387,034.
Who are the executives of Regional Economic Development Investments Inc and what are their salaries?
Here are 11 key members and their salaries:
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Where can I find the form 990 for Regional Economic Development Investments Inc?
Regional Economic Development Investments Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Regional Economic Development Investments Inc
Regional Economic Development Investments Inc, as an organization, is dedicated to administering a revolving loan fund. Their primary mission is to provide loans to businesses in the area, leveraging gap financing from banks and state grants to bridge financial gaps. This strategy aims to stimulate business growth and increase employment opportunities within the community. In addition to traditional loans, Regional Economic Development Investments Inc also offers forgivable loans to businesses in specific areas, such as Wapello County. These forgivable loans are designed to further bolster business growth and employment within the community. By providing these financing options, the organization plays a significant role in boosting the local economy and creating job opportunities for residents.
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Impact
October, 2024
Regional Economic Development Investments Inc plays a crucial role in fostering economic growth and employment in the Ottumwa area. By administering a revolving loan fund, the organization provides essential gap financing to local businesses, enabling them to secure loans from banks and access grants from the state. This financial support helps bridge funding gaps, allowing companies to expand, hire more employees, and contribute to the local economy.
In addition to standard loans, Regional Economic Development Investments Inc also offers forgivable loans to businesses specifically in Wapello County. These loans are strategically designed to stimulate business development and increase job opportunities in the region. The organization requires that businesses meet employment creation targets tied to the size of the loan, ensuring accountability and tangible results in local job growth.
Furthermore, with the support of grants from the Economic Development Administration, the organization is positioned to manage outstanding loans effectively and foster connections with potential new industries. By prioritizing the recruitment of new businesses and enhancing existing operations, Regional Economic Development Investments Inc significantly contributes to the economic vitality of the area, creating a sustainable environment for growth and prosperity.
This information is meant to be a general summary of Regional Economic Development Investments Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Program Service Revenue: $46,517
- Gross Receipts: $387,034
Assets and Liabilities:
- Total Assets: $2,310,170
- Total Liabilities: $19,188
- Net Assets: $2,290,982
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOAN INTEREST
Revenue
$46,217
LATE PAYMENT FEES
Revenue
$300
Organization Details
Founding Year
1990
Phone
(641) 684-6551Principal Officer
Mike Hadley
Main Address
PO BOX 1110, OTTUMWA, IA, 52501
NTEE Category
Code: S31Z - Community improvement
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