Interest-Free Revolving Loan Funds Available to County Taxing Districts
Orcas Power & Light Cooperative (OPALCO) will administer a USDA Rural Economic Development Revolving Loan (RED-L) Fund. The purpose of the program is to foster economic development and to improve public and emergency services in San Juan County by funding facilities and equipment for emergency services, education, training, advanced telecommunications services and computer networks that facilitate economic development, job creation and the enhancement of public and emergency services. As these funds are loaned and repaid, OPALCO will be able to lend the funds out again. OPALCO is looking for projects to fund with zero interest, a maximum payback period of ten years and a 1% administrative fee.
OPALCO will consider projects submitted by a taxing district within San Juan County which:
- Support improved emergency communications and that will benefit San Juan County’s emergency services and first responder community; or
- For medical, education or advancement of automatic meter reading (i.e. water districts), SCADA or other similar projects; or
- To purchase emergency equipment that will enhance medical emergency services in San Juan County (fire engine, ambulance, etc.)
OPALCO will accept letters of request for loan funds from
January 1–February 15, 2013.
Applications will be considered on the following:
- Project’s impact on the community
- Demonstrated ability to repay debt
- Credit worthiness of applicant
- Adequate collateral coverage
- Management capability and borrower reputation
- Equity commitment and adequate level of working capital
- Leveraging of other funding sources
- Job creation and/or retention
- Viability of marketing and/or operating plan
- Evaluation of project’s probability of success
- Project readiness
Mail project proposals to Bev Madan, Orcas Power & Light Cooperative, 183 Mt Baker Road, Eastsound, WA 98245. For additional information, please contact Bev Madan at 376-3549 or bmadan@opalco.com
