FHLB Des Moines Sets $500 Million RuralAid Program
DES MOINES, Iowa - (04/28/05) -- The Federal Home Loan Bank of DesMoines announced Wednesday it will make $500 million of low-costloans available to its members over the next five years to helpthem finance rural development projects. The funds will be used toprovide mortgage, agricultural and small business loans in Iowa,Minnesota, Missouri, North Dakota and South Dakota under the FHLB'sCommunity Investment Advance Program, according to Nicky Schissel,spokesman for the Des Moines bank. "These advances will be offeredat cost of funds with slight fees," she told The Credit UnionJournal, of the initiative, called the Rural Capital AdvanceProgram. The funds will be provided to the bank's 1,200 members,including 53 credit unions. "We urge all of our rural members toparticipate," said Schissel.