Mountain Electric Cooperative is very concerned about economic stability and quality of life for its members and people residing in rural areas.
The attraction of new business and industry, the expansion of present business and industry, the creation of additional jobs, adequate infrastructure, and necessary community facilities and services are some of MEC’s primary concerns.
RLF funding is extremely important for the accomplishment of these goals.
MEC’s RLF will provide funding in part for properly selected applicants who meet all RLF requirements.
Funding will be contingent upon funds being available in the RLF account.
AMOUNT The RLF will not lend more than 75% of the total amount that is needed for a project.
The maximum amount of a single loan may not exceed $200,000.00 the minimum amount is $10,000.00. 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.
Dependent on loan security, RLF Loans may bear a rate as low as, but not less than, one (1) percent.
Mountain Electric Cooperative
Address: 604 South Church St
City: Mountain City