The purpose of the EECA Rural Economic Development program is to foster economic development and to improve public and emergency services by providing loans to public taxing districts within the Egyptian Electric Cooperative Association (EECA) service territory. Funding is provided through the USDA Rural Economic Development Loan & Grant (REDLG) Program. Loans are to fund facilities and equipment for emergency services, education, training, advanced telecommunications services, and computer networks that facilitate economic development, job creation, and the enhancement of public and emergency services.USDA REDLG Program Information
To date, EECA has help facilitate the infiltration of over $3.5 million dollars at zero-percent interest for projects to benefit those who live here!
- A former Rural Utilities Service borrower who borrowed, repaid or pre-paid an insured, direct or guaranteed loan.
- Nonprofit utilities that are eligible to receive assistance from the Rural Development Electric or Telecommunication Programs.
- Current Rural Development Electric or Telecommunication Programs borrowers.
- Project’s impact on the community;
- Evaluation of borrower’s ability to repay debt, including credit worthiness of applicant and adequate collateral coverage;
- Leveraging of other funding sources;
- Job creation and/or retention;
- Viability of marketing and/or operating plan;
- Evaluation of project’s probability of success;
- Project’s readiness.
- Maximum 10 year loan term
- Maximum $1,000,000 loan request
- 0-percent interest
- 20% matching requirement
- Business expansions & start-ups, including real estate, buildings & equipment
- Facilities and equipment to provide medical care (including upgrades to electronic medical record systems)
- Community facility projects that create or save employment
- Educational facilities and equipment including distance learning
- Business incubators
- Advanced telecommunications and computer networks for medical, educational and job training services
Contact Brooke Guthman at Egyptian Electric Cooperative, email@example.com, to learn more, or Mary Warren, USDA Rural Development, at firstname.lastname@example.org or (217)403-6218.