IWC receives loan from SEIRPC, Two Rivers Bank
Burlington — Iowa Wesleyan College received $500,000 in revolving loan funds Thursday from the Southeast Iowa Regional Planning Commission (SEIRPC).
The announcement was made during the SEIRPC’s board meeting.
Funds will be used to aid the Mt. Pleasant institution in becoming more of a regional university.
It was also announced that a Burlington bank (which has a branch in Mt. Pleasant) — Two Rivers Bank & Trust — is loaning IWC $4.5 million in working capital.
SEIRPC’s loan to IWC is for 10 years with an interest rate varying from 2.44-4 percent.