Areas Served: Bay, Calhoun, Gulf, Jackson, Walton, and Washington counties
Gulf Coast Electric Cooperative’s RLF is a business loan fund to promote rural economic development in the Florida counties of Bay, Calhoun, Gulf, Jackson, Walton, and Washington.
The fund provides gap financing for start up, expanding and new businesses that attract new jobs or provide needed public health or social services.
As borrowers repay their RLFs, the principal and interest is returned to the RLF to be loaned to other businesses to create additional jobs and stimulate the economy.
Only financially strong businesses will be evaluated for this program, and they must also have a strong economical impact on the community.
GCEC will be very specific and only use this fund in cases where the business might offer our communities several jobs and help the local tax base, as well as have the business ability to repay the loan.
We would like to encourage only financially strong businesses with detailed business plans to consider this program.
GCEC reserves the right to reject any submittal to this program.
Advantages of RLF: – Attractive interest rate of prime or below.
– Local control of funds.
– Less red tape and quicker response to funding requests.
– Leverages funding from local financial institutions.
– Increases funds available to local businesses.
Eligible Businesses: – Business Ventures — Corporations, Partnerships, Sole Proprietorships and Cooperatives – Local Governments or Public Entities – Non-profit Entities – Tribal Authorities Eligible Projects: – Industrial or Commercial Development – Small Business Expansion – Business Incubators – Community Infrastructure or Facilities* – Medical Facilities* – Training or Educational Facilities* * Should provide permanent jobs in rural area Eligible Activities: – Acquisition or construction of commercial and industrial buildings and structures.
– Purchase of capitalized machinery and equipment with a useful life of 5 years or more.
– Acquisition of real property for economic development.
– Rehabilitation of deteriorated retail, commercial and industrial buildings.
Loan Guidelines: – Maximum Loan — $100,000.00 – Minimum Loan — $10,000.00 – Application Fee — $100.00 – Job Creation Rate — 1/ $10,000.00 – Maximum Term — 10 years – Rates — Fixed
Contact InformationGulf Coast Electric
Address: 9434 Hwy 77
City: Southport
State: Florida
Website:
http://www.gcec.com/content.cfm?id=2061
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