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YMCA receives 0% interest REDLG Loan

Posted on Wednesday, September 27, 2017 at 11:30 am

The Eastern Missouri Family YMCA received notification of approval for the 0% interest REDLG/USDA construction loan on September 21. This is very exciting news because construction plans can now begin.
Obtaining this loan was critical to the project in order to turn pledges that will be collected over the next several years into money to begin construction. The Vandalia Recreation Corporation is scheduling a meeting to discuss contract finalization with Grove Construction of Columbia, plus begin planning groundbreaking events.
The YMCA would like to express appreciation for everyone’s patience throughout the process for acquiring this loan. Essentially, this interest-free loan through the Rural Economic Development Loan Program saved the project funds that would have been paid in interest on a traditional style loan.
Achievement of obtaining the construction loan to begin building is a huge milestone for the project. However, funds are still needed to open the doors to the facility. Approximately $200,000 is still needed to complete the facility with equipment furnishings and secure an operating budget to pay employee salaries and facility utilities.
The construction of the YMCA facility is estimated to take eight-nine months, dependent upon weather.
Consider making a donation to the project, so the facility can open upon completion of the building construction.
For more information about the project, please use the project Facebook page to send questions/comments or contact Felicity Goodpasture-Cullwell at 573-473-9362 or Search “YMCA Project Vandalia” to find the Facebook page.