Areas Served: Colbert, Cullman, Dekalb, Franklin, Jackson, Lauderdale, Lawrence, Limestone, Madison, Marshall, Morgan and Winston counties
The Special Opportunities Counties (SOC) Loan Fund is designed to enhance economic development opportunities for the most economically distressed counties in the TVA service area including Colbert, Cullman, Dekalb, Franklin, Jackson, Lauderdale, Lawrence, Limestone, Madison, Marshall, Morgan and Winston counties.
Loans can be used to help finance industrial development projects, such as relocations and expansions, or enhancements to publicly owned industrial parks and buildings.
The funds are typically used to help fill the gap that often occurs after traditional sources of financing are secured.
The list of counties eligible for SOC funding is updated annually and is based on poverty rates, unemployment rates, and per capita income.
Project guidelines – The maximum loan amount is $500,000. – The typical loan term is seven years for equipment and 10 years for real estate.
– TVA can fund up to 25 percent of a job-creation project.
The percentage can be higher for projects involving industrial parks or buildings, not to exceed 50 percent.
– For job-creation projects, the typical rule of thumb is that one job must be created for every $10,000 in SOC funds invested.
– Loans are offered at below-market rates, and a specific rate is determined for each project.
– All loans must have acceptable collateral, such as real estate, equipment, or letters of credit
Contact InformationTennessee Valley Authority
Address: 4960 Corporate Dr, Suite 125F
City: Huntsville
State: Alabama
Website:
http://www.tvaed.com/loans.htm
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