Revolving Loan Program

Gulf Coast Electric Cooperative’s Revolving Loan Fund (RLF) is a local pool of capital to promote rural economic development. 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 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 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
  • Acquistion 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
To Apply for RLF Loan

Contact Michael White at (850) 265-3631 for pre-application materials, including:

  • Project description
  • Project impact
  • Business feasibility
  • Preliminary market data and market strategy
  • Preliminary financial feasibility
  • Identify management team
  • Preliminary timeline schedule
  • Management track record (including resumes)
  • Source and use of funds
Ineligible Purposes
  • Refinancing existing debt or payments to business owners or partners
  • Activities for investment purposes not directly related to job creation
  • General improvement loans for normal replacement needs of business and unrelated to job creation
  • Agriculture production costs (i.e. cultivation, production, harvesting)
  • Vehicles for general purposes or personal use
  • Projects without supplemental financing
  • Working capital with limited security
  • Residential construction projects
  • Illegal activities and/or legalized activities (e.g. gambling casinos) that, in the opinion of GCEC directors, adversely affect RLF interests
  • Projects in which any director, officer, general manager, supervisor or employee of GCEC, and/or close relative, owner, stockholder, partner, or director which would create a conflict of interest
  • Projects in which recipient of loan would, as a condition of loan approval, be required to purchase or lease any real property, materials, equipment, or services from GCEC, its subsidiaries, and/or affiliates
  • Projects or activities that pay salaries of any employee of GCEC, its subsidiaries, and/or affiliates
Loan Guidelines
  • Maximum Loan — $100,000.00
  • Minimum Loan — $10,000.00
  • Application Fee — $100.00
  • Job Creation Rate — 1 per $10,000.00
  • Maximum Term — 10 years
  • Rates — Fixed