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Boone Electric Cooperative

Boone Electric Cooperative seeks continued improvement in the quality of life in rural areas. Keeping with its commitment to community, Boone Electric has established a revolving loan fund to assist with local economic and community development projects.

About

Keeping with its commitment to community, Boone Electric has established a revolving loan fund to provide low-interest loans to assist with local economic and community development projects. The fund will act as the funding source.

Activities like job creation and retention, diversification of the economy, improving the skills of the rural workforce, and upgrading infrastructure to improve the health, safety and/or medical care of rural residents are the goals of this loan fund.

Click here to view a summary of the RLF program. Contact us for more information and the RLF application.

Note: Application fee is $250

Minimum Loan $25,000
Maximum Loan $360,000

RLF projects must include a minimum of 50% funding from other sources, this to include Borrower equity of 10% or more in cash or fixed assets of the project/business.

Greater leveraging of outside resources will enhance the possibility of an approved RLF loan request. Documentation will be required from the Borrower that other financing has been committed before RLF load commitment is given.