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  • ** Effective March 1, 2023 ECI REC will implement a rate increase click to learn more. **
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Revolving Loan Fund

Business owners may be eligible for a loan through the ECI REC Revolving Loan Fund. Eligible projects for loans can include 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 East-Central Iowa Rural Electric Cooperative.

Eligible Loan Recipients

  • New or expanding private businesses

  • Not-for-profit entities

  • City or county governments

Eligible Uses of Funds

  • Land purchases

  • Machinery and equipment

  • Fixed assets

  • Buildings

Ineligible Uses of Funds

  • Speculation land purchases

  • Payments to owners or equity investors

  • Debt refinancing

  • Projects that lack economic development potential

The Loan Review Committee and the ECI REC Board of Directors consider the financial need of the project, the probability of success, and 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).


Please contact ECI REC CEO Teresa Floyd by calling 877-850-4343 for more information on loan requirements and terms.


Loan Amounts - The eligible loan amount will be a minimum of $5,000 and a maximum of $300,000.

Guidelines - Low-interest loans are available from East-Central Iowa Rural Electric Cooperative to assist with community and economic development projects in rural areas.

Term of Loan - The term will not exceed 10 years.

Interest Rates - Interest rates will vary from project to project, with the interest rate not to exceed the prime rate as published in the Wall Street Journal.

Loan Security - The Revolving Loan Fund requires adequate collateral for the loan request, which can include requiring mortgages, liens, and/or personal guarantees. Other terms or conditions may be required as determined by the ECI REC Board of Directors.

Other Funding - The Revolving Loan Fund project must include a minimum of 20% funding from other sources. Greater leveraging of outside sources will enhance the approvability of an RLF loan request.

Administrative Fee - Generally, a loan service fee will be charged, not to exceed one percent per year on the unpaid balance of each RLF loan, plus attorney fees incurred by East-Central Iowa Rural Electric Cooperative in connection with the loan.

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2400 Bing Miller Lane

PO Box 248

Urbana, IA 52345

Toll Free: 877-850-4343

Fax 319-443-4359

Email: ecirec@ecirec.coop

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©2023 East-Central Iowa Rural Electric Cooperative. All Rights Reserved.

  • Home
  • Account Services
    • Account Management
      • Start Stop Transfer Upgrade
      • Login/Register Your Account
      • View My Usage
      • Mobile App
      • Payment Options
      • About Your Bill
        • Bill Sample
        • Terms on Your Bill
      • Rates
      • Avoid Late Fees & Disconnects
      • Service Calls & Charges
      • Avoid Peak Hours
    • Member Services
      • Member Programs
        • Notify Landlord Before Disconnect
        • Support Iowa Renewable Energy
        • Helping Hand Reminder
        • RECare Program
      • Outdoor/Security Lighting
      • Member Information Update Request
      • Energy Assistance (LIHEAP)
      • Tree Trimming
      • Patronage Dividends
      • How Electricity Reaches You
      • Co-op Connections Program
      • Keep Your Bill Affordable
      • Terms & Conditions (Tariff)
  • Manage Energy
    • Save Energy & Money
      • Rebate Forms
      • Residential Heat Rate
      • Appliance Recycling
      • Electric Vehicles
      • Residential Incentives
      • Agricultural Incentives
      • Commercial Incentives
    • Smart Electrification
      • Renewables
        • On-Site Generation Facilities
        • Support Iowa Renewables
      • Smart Technologies
        • AMI & Smart Meters
        • View My Usage
      • Beneficial Electrification
    • Electric Efficiency Assets
      • Heating & Cooling
        • Electric Heat Calculator
      • Water Heaters
      • Lighting
      • Together We Save
      • Quick DIY Energy-Efficient Tips
      • Energy Calculators & Resources
      • ECI REC's Commitment to Energy Efficiency
  • Outages & Safety
    • Outages
      • If an Outage Occurs
      • ECI REC Outage Map
      • IAEC Outage Map
      • Outage Center
    • Safety
      • Call Before You Dig-811
      • Damaged Electric Facilities
      • Grain Bin Safety
      • Backup Generator
      • Safety Videos
      • Safety & Outage Tips
  • Community & News
    • Youth/Community Program
      • Scholarships
      • Youth Tour - Washington, D.C.
      • Safety Education
      • Community Reinvestment Fund
      • Revolving Loan Fund
    • News & Resources
      • Member Newsletter
      • eNewsletters
      • Bill Inserts
      • Literature, Brochures, and Guides
      • Iowa Electric Cooperative Living
      • News & Media Inquires
      • Library
  • The Cooperative
    • Grassroots Advocacy
      • ACRE/FORE
      • Legislation Update
    • Cooperative Difference
      • Guiding Principles
      • Democratic Governance
      • The Non-Profit Advantage
      • Co-op Membership
      • About Touchstone Energy®
      • Member Survey
      • Annual Meeting of Members
    • About Your Cooperative
      • About ECI REC
      • Service Territory Map
      • Management Team/Directory
      • Your Board of Directors
      • Where's the Power Come From
      • Statement of Nondiscrimination
      • Careers