The Board of Directors and employees of Jackson Electric Cooperative are concerned with the economic development and well being of the rural communities they serve. This revolving loan fund is established by the cooperative to further the public purpose of economic development through joint public and private investments consistent with the objectives of this fund.
- To create or save quality, permanent jobs
- To diversify the rural economy
- To encourage new capital investment
- To improve rural infrastructure
- To enhance the rural quality of life
Jackson Electric Cooperative will accept and consider applications for loans from the RLF that will significantly benefit rural areas, without restriction to the cooperative's service area.
Jackson Electric Cooperative will not condition the approval of a loan from the RLF with the requirement that the prospective recipient take electric service from the cooperative.
The Board of Directors of Jackson Electric Cooperative is the sole authority for approval or denial of loans from the RLF and is responsible for all decisions and actions of the RLF. The RLF will be operated and maintained solely by the cooperative.
It is the intent of Jackson Electric Cooperative that funds from the RLF program may serve as either a gap source or an alternative source of financing for economic development projects. It is not the intent of Jackson Electric Cooperative to compete with other available public and/or private lenders. Jackson Electric Cooperative may choose to work with other public and private lenders to maximize the leverage of the RLF dollars on a project-by-project basis. Jackson Electric Cooperative may also choose to fund a project in its entirety on a project-by-project basis.