# PPP loan: LORAIN-MEDINA RURAL ELECTRIC COOPERATIVE, INC.
> **$638K** approved 04/29/2020 · Paid in Full · Loan `3571737303`
## Borrower
- **Name:** LORAIN-MEDINA RURAL ELECTRIC COOPERATIVE, INC.
- **Address:** 22898 WEST RD, WELLINGTON, OH, 44090-9474
- **NAICS:** 221122
- **Business type:** Cooperative
- **Business age:** Existing or more than 2 years old
## Loan
- **Approval amount:** $638K
- **Initial approval:** $638K
- **Forgiven:** $646K (101%)
- **Forgiveness date:** 07/26/2021
- **Status:** Paid in Full
- **Term:** 24 months
## Use of funds
- **Payroll:** $468K
- **Rent:** $10K
- **Utilities:** $25K
- **Health care:** $135K
- **Jobs reported:** 40
## Lender
- **Originating:** Sutton Bank
- **Servicing:** Sutton Bank (OH)
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*Source: [SBA PPP Data](https://data.sba.gov/dataset/ppp-foia) · AI Analytics · CC0 1.0*