Umatilla Electric Cooperative (UEC) is offering to assist in the local economic recovery through its Revolving Loan Fund (RLF).
Eligibility
Eligible projects for loans can include any business venture, governmental public body, or entities involved in a community or economic development project that promotes job creation and/or provides needed community services that benefit rural areas. Uses of UEC’s Revolving Loan Fund proceeds may be for land, fixed assets, machinery, and equipment, or working capital needs. Working capital loans will only be considered in conjunction with the purchase of other assets, as previously specified.
Loan Amounts and Supplemental Financing Requirements
The minimum loan will be $5,000, and the maximum RLF loan will be $360,000. UEC’s Revolving Loan Fund projects must include a minimum of 20 percent funding from other sources; greater leveraging of outside resources enhance the chances for approval of an RLF loan request.
Loan Terms
The term of a UEC Revolving Loan Fund loan shall not exceed 10 years and may be less than 10 years as determined by UEC’s Board. Loan deferments of up to two years may be considered on a project-by-project basis. The Loan Review Committee will make a recommendation concerning the term of the loan depending upon project need, the expected life of the security, and the applicant’s ability to repay. The term of the loan will not exceed the expected life of the asset(s) being used as collateral. While not mandatory requirements, the following maturities will be used as a general guideline:
- Building: 10 Years
- Equipment: 5–7 Years
- Real Estate: 10 Years
- Working Capital: 1–3 Years
For more information and applications visit the UEC website HERE.
