# PPP loan: STEARNS COOPERATIVE ELECTRIC ASSOCIATION
> **$215K** approved 04/11/2020 · Paid in Full · Loan `3644247104`
## Borrower
- **Name:** STEARNS COOPERATIVE ELECTRIC ASSOCIATION
- **Address:** 900 KRAFT DR SE, MELROSE, MN, 56352-1455
- **NAICS:** 221122
- **Business type:** Cooperative
- **Business age:** Existing or more than 2 years old
## Loan
- **Approval amount:** $215K
- **Initial approval:** $215K
- **Forgiven:** $151K (70%)
- **Forgiveness date:** 09/24/2021
- **Status:** Paid in Full
- **Term:** 24 months
## Use of funds
- **Payroll:** $215K
- **Jobs reported:** 8
## Lender
- **Originating:** Magnifi Financial CU
- **Servicing:** Magnifi Financial CU (MN)
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*Source: [SBA PPP Data](https://data.sba.gov/dataset/ppp-foia) · AI Analytics · CC0 1.0*