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 businesses, non-profit groups, and city or county governments. Loan recipients are not required to take electricity service from ECI REC.
The Loan Review Committee and Cooperative’s 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 benefits package; and community development projects and improvements to the community infrastructure.
Please contact ECI REC’s CEO Steve Marlow by calling 877-850-4343 for more information on loan requirements and terms.
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