Business owners take note—your project may be eligible for a loan through the ECI REC revolving loan fund. Anyone may apply for a loan for any community or economic development project that benefits the rural area, such as new or expanding private business, non-profits groups, and city or county governments. Loan recipients are not required to take electricity service from ECI REC.
The Loan Review Committee and the Cooperative Board consider the financial need of the project, the probability of success, the benefits of the project to the rural area, including number of jobs to be created or retained, diversification of the economy, quality job creation in terms of pay scale and benefit package, and community development projects and improvements to the community infrastructure.
Visit the Revolving Loan Fund page for more information.
ELIGIBLE USES OF FUNDS INCLUDE:
- Land purchases
- Machinery and equipment
- Fixed assets
INELIGIBLE USES INCLUDE:
- Speculation land purchases
- Payments to owners or equity investors
- Debt refinancing
- Projects lacking economic development potential