Intercounty Electric Cooperative Association
About
Loan recipients may be:
New or expanding private businesses
Not-for-profit entities
City or county governments
ELIGIBLE USES OF FUNDS:
Land purchases
Machinery & equipment
Fixed assets
Buildings
Ineligible uses of funds:
Speculation land purchases
Payments to owners or equity investors
Debt refinancing
Projects which lack economic development potential
The RLF Committee will 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.
Loan Amounts – The eligible loan amount will be a minimum of $5,000.00 and a maximum of $300,000.00.
Term of Loan – Not to exceed 10 years
Interest Rates – Interest rates are 1% with the interest rate not to exceed the prime rate as published in The Wall Street Journal.
Loan Security – The RLF requires adequate collateral for the loan request which can include requiring mortgages or an irrevocable letter of credit. Other terms or conditions may be required as determined by the board of directors.
Other Funding – The RLF project must include a minimum of 20% funding from other sources. Greater leveraging of outside sources will enhance the approvability of a RLF loan request.
Services Provided
Financial Resources and Assistance
- Loan Providers (Specialty)
Tony Floyd
102 Maple Avenue
PO Box 209
Licking, MO 65542
(573) 674-2211 Ext: 1266
(573) 674-2888
http://www.ieca.coop/