Baldwin County EMC Revolving Loan Fund

Baldwin County Electric Membership Corporation (BCEMC) will accept and consider applications for loans from the RLF for projects that will significantly benefit rural areas, without restrictions to BCEMC's service area. It is the intent of the funds from the RLF program to serve as seed money to generate economic development. BCEMC will work with local lenders and others to maximize the leverage of the RLF dollars so that the result is the maximum possible economic development.

LOAN QUALIFICATIONS

TYPES OF PROJECTS/ACTIVITIES ELIGIBLE FOR RLF FUNDING

Projects include, but not limited to:

TYPES OF FINANCING AVAILABLE

Amount

331/3 percent of the total amount that is needed for a project. The maximum amount of a single loan may not exceed $200,000 or 331/3 percent of the entire project costs, whichever is less, and the minimum amount is $20,000.

Interest Rates

The maximum interest rate for loans made from the RLF is the prime rate as published in the Wall Street Journal on the date of loan closing. Generally, dependent of loan security, loans will bear a rate that is one percent less that the prime rate.

Repayment Terms