How involved is Escambia River Electric Cooperative, Inc. in recruiting new business and industry? Very. In fact, next to providing consumers like you with electric power at the lowest possible prices, creating new job opportunities is one of the most important things we do. EREC is at the forefront of recruiting new businesses and helping them once they get here. We work with local, county and state officials to attract new industries and businesses to the areas we serve. We are members of various local chambers and organizations such as the Jay Chamber of Commerce and Century Chamber of Commerce. It's just one more way we keep our community and you in the driver's seat.
|
 |
EREC'S REVOLVING LOAN FUND FOR RURAL ECONOMIC DEVELOPMENT
Escambia River Electric Cooperative's revolving loan fund (RLF) is a local pool of capital to promote rural economic development. The fund provides gap financing for start up, expanding and new businesses that attract new jobs or provide needed public health or social services. As borrowers repay their RLFs, the principal and interest is returned to the RLF to be loaned to other businesses to create additional jobs and stimulate the economy.
ADVANTAGES OF RLF:
1. Attractive interest rate of prime or below.
2. Local control of funds.
3. Less red tape and quicker response to funding requests.
4. Leverages funding from local financial institutions.
5. Increases funds available to local businesses.
ELIGIBLE BUSINESSES:
1. Business ventures - corporations, partnerships, sole proprietorships and cooperatives.
2. Local governments or public entities.
3. Non-profit entities.
4. Tribal authorities.
ELIGIBLE PROJECTS:
1. Industrial or commercial development.
2. Small business expansion.
3. Business incubators.
4. Community infrastructure or facilities*.
5. Medical facilities*.
6. Training or educational facilities*.
*should provide permanent jobs in rural areas.
ELIGIBLE ACTIVITIES:
1. Acquisition or construction of commercial and industrial buildings and structures.
2. Purchase of capitalized machinery and equipment with a useful life of five years or more.
3. Acquisition of real property for economic development.
4. Rehabilitation of deteriorated retail, commercial and industrial buildings.
TO APPLY FOR A RLF LOAN:
Contact Escambia River EC to submit:
1. Project Description
2. Project Impact
3. Business Feasibility
A. Preliminary Market Data & Market Strategy
B. Preliminary Financial Feasibility
C. Identify Management Team
D. Preliminary Time Line Schedule
4. Management Track Record (including resumes)
5. Source and Use of Funds
EREC provides a variety of economic development services to our stimulate economic growth in our area. These include rural economic development loan & grant applications, electrical energy & related services, promotion of sites and available industrial buildings within service area, and demographics and related information.utgrow their quest for knowledge.