Is there an application form to be completed and a waiting period for approval and funding of the loan?
There is a simple two-page application that requests simple information of names and addresses for your political subdivision, the project engineer, the Rural Development (RD) district loan officer, bond counsel, and your bank where the loan funds are to be wired. The application also asks for a short description of the project, the amount of the loan and an estimated start and completion date for the project construction. To the application you will attach the Letter of Conditions received from RD. This completes the application for mailing to the Minnesota Rural Water Finance Authority (MRWFA). It will be approved upon receipt by MRWFA and a letter of loan approval generally mailed within 3 days of receipt of the completed application.
