Revolving Loan Funds

The Fund

The Revolving Loan Fund will complement existing public and private sources of financing for rural development.  Due to limited financial resources from existing rural communities and lending limits of small rural banks, the established fund will complement economic development immensely.  Basic services desired by rural and aging communities that are essential to survival of the region are difficult to finance with traditional sources.  These services include areas such as health care, congregate housing, assisted living quarters and water and solid waste management systems.

The cooperative seeks to use initial proceeds established by the fund to establish a revolving loan fund to further rural economic development in their area.  

Slope Electric Cooperative is dedicated to playing an active role in revitalizing the rural economy.  The following pages outline the rural development plan the cooperative will follow for administering the Revolving Loan Fund.  This plan will assist in safeguarding the funds to ensure the Revolving Loan Fund existence into the future so the cooperative may continue to promote economic growth in rural areas.

Loan Policy

Slope Electric Cooperative, Inc. will accept and consider applications to provide financing from the Revolving Loan Fund for projects that will significantly benefit the rural areas, without restriction to the Cooperative's service area.

The RLF is intended to provide financing alternatives and leverage other funding sources for new or expanding businesses or community facilities to enhance employment and economic opportunities and as such, requires participation from other sources of financing.  The RLF will not compete with but rather complement existing public and private sources of financing for rural development in the area.

Slope Electric Cooperative, Inc. will not condition the approval of a loan from the RLF with the requirement that the prospective recipient take electric service from Slope Electric Cooperative, Inc or any other associated electric utility. 

The Board of Directors of Slope Electric Cooperative is the sole authority for approval or denial of loans from the Revolving Loan Fund and is responsible for all decisions and actions of the Revolving Loan Fund. The Revolving Loan Fund will be operated and maintained solely by Slope Electric Cooperative. 

Slope Electric Cooperative, Inc., nor its directors, general manager, or employees may directly benefit from or be a recipient of RLF funds.