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Did You Know...

 

Economic Development

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 (EREC) RLF is a local pool of capital to promote rural economic development.  The fund provides financing for start up, expanding and new businesses that attract new jobs or provide needed public health or social services.  In order to maintain the goal of noncompetition with other lending facilities, RLF funds are not to be the only source of financing but are to be used in conjunction with supplemental financing for a proposed project.  As borrowers repay their RLFs, the funds are returned to the RLF to be loaned to other businesses to create additional jobs and stimulate the economy.

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 area.

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.

Ineligible Purposes:

1.  Refinancing existing debt or payments to business owners or partners.
2.  Activities for investment purposes not directly related to job creation.
3.  General improvement loans for normal replacement needs of business and unrelated to job creation.
4.  Agriculture production costs (i.e. cultivation, production, harvesting).
5.  Vehicles for general purposes or personal use.
6.  Projects without supplemental financing.
7.  Working capital with limited security.
8.  Residential construction projects.
9.  Illegal activities and/or legalized activities (e.g. gambling casinos) that in the opinion of EREC directors adversely  affect RLF interests.
10.  Projects where any director, officer, general manager, supervisor or employee of EREC, and/or close relative, is owner, stockholder, partner or director which would create a conflict of interest.
11.  Projects where recipient of loan would, as condition of loan approval, be required to purchase or lease any real property, materials, equipment or services from EREC, its subsidiaries and/or affiliates.
12.  Projects or activities that pay salaries of any employee of EREC, its subsidiaries and/or affiliates.

For more information on the Revolving Loan Fund program offered by EREC, please contact:

Escambia River Electric Cooperative, Inc.
Marketing Department
P. O. Box 428
Jay, FL  32565
Telephone:     (850) 675-4521
Toll-free:        (800) 235-3848
Fax:                (850) 675-8415

We are an electric cooperative and more...

EREC is a member owned electric distribution cooperative located in Jay, Florida.  While providing dependable electric service at competitive rates is our primary mission, we are also seeking out additional ways of enhancing our area's quality of life.