Only financially strong businesses will be evaluated for this program, and they must also have a strong economic impact on the community. Gulf Coast Electric Cooperative (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 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.
- Description — Provides grants to Rural Utilities Service borrowers to promote rural economic development and job creation projects. Grants are used to establish revolving loan funds to provide infrastructure or community facilities in rural areas that will lead to economic stability.
- Who makes the grant? — USDA Rural Development
- Who is eligible? — Rural Utilities Service Electric and Telecommunication borrowers are eligible. (Gulf Coast Electric Cooperative)
- Grant amount — A maximum of $300,000 (Fiscal Year 2006) per grant application may be requested.
- Other criteria — Grant applications are scored on job creation, potential economic success of project, suitability of employment in the area, amount of supplemental funds and relative income, and employment levels.
- Timeframes to turn around — Normal turn around time is approximately 5 months from initial receipt of an application to a decision on whether a project will be funded.
- FY 2006 funding level — $10 Million