| Become a participating lender: |
| 1. |
Sign up as a participating lender. Fill out the online Lender Participation Agreement at
www.iowalinkeddeposit.com and send
the Lender Participation Agreement to IFA at 1963 Bell Ave., Suite 200, Des Moines, IA 50315, or email to jane.larson@iowafinance.com.
|
| 2. |
After receiving the signed Lender Participation Agreement,
IFA will activate the lender. The lender may now access the online system.
|
| Project Application Process: |
| 1. |
The borrower works with: |
| a. |
The local Soil and Water Conservation District (SWCD) for LWPP, LWQP
and SWP projects. For more information on project eligibility or
approval, contact Lori Lewis at 515-281-5258 or
lori.lewis@iowaagriculture.gov .
|
|
| b. |
The local County Sanitarian for OSWAP projects. For more information on
project eligibility or approval, contact Cory Frank at 515-725-8404 or
cory.frank@dnr.iowa.gov .
|
|
| Loan Application Process: |
| 1. |
The borrower completes the lender's normal loan application process. |
| 2. |
When the local lender approves the loan, the lender completes the online application. |
| Loan Completion: |
| 1. |
The project is completed, inspected and certified.
|
| 2. |
The application is approved online and the lender receives an email that
funds can now be requested.
|
| 3. |
The lender requests the funds online by entering the loan details (date
of loan, term of loan, lender contact, etc.).
|
| 4. |
Funds are deposited in an IFA deposit account at the local lending institution,
and the borrower receives his/her loan from the lender.
|
| Annually: |
| 1. |
Several weeks before the anniversary date of the loan, IFA will send a notice to
the local lender via email reminding the lender that IFA will withdraw from its
deposit account an amount approximately equal to the principal that has been repaid.
|
| 2. |
The amount in the deposit account and the amount of the outstanding principal on the loan will be the same. |
