last modified: August 15, 2014 at 2:25:27 PM
ECI REC offers a number of loan options that can be used in combination with private financing for contributing to long-term improvement in the communities we serve.
Revolving Loan Fund
ECI REC is Community Connected, and we work within our members’ hometowns to support their growth and development, helping ensure the long-term viability of the rural economy.
With this goal in mind, we offer the ECI REC Revolving Loan Fund. Eligible projects for loans can include any community or economic development project that benefits our rural area. These loans feature low interest rates, and loan amounts range from $5,000 to $300,000, depending on the availability of funds. Loan recipients are not required to take electrical service from East- Central Iowa Rural Electric Cooperative.
How to apply
Please contact ECI REC by calling 877-850-4343 for more information on loan requirements and terms.
CIPCO Intermediary Relending Program Revolving Loan Fund
East-Central Iowa REC's power supplier, Central Iowa Power Cooperative (CIPCO), created the Intermediary Relending Program Revolving Loan Fund (IRP) to improve the quality of life in rural areas by contributing to long-term improvement in the local economy.
The IRP is a local funding source with a goal of providing low interest loans to assist with local economic and community development projects. Priorities include job creation and retention, diversification of the local economy, improving the skills of the rural workforce, and upgrading the public infrastructure to improve the health, safety, and/or medical care of rural residents. This fund is administered by the CIPCO Board of Directors.
USDA Rural Development
ECI REC and the Iowa Area Development Group can help you access various lending programs of the U.S. Department of Agriculture (USDA). These rural economic development loan and grant programs are nationally competitive programs to spur job creation in rural areas and by creating or enhancing a revolving loan fund administered by the REC.
For more information about the loan options available from the USDA visit their Web site