Interested in any of our loan programs? Contact us here.
Energy Resource Conservation (ERC) loans are avialable to members of Roughrider Electric Cooperative members only, ERC loans may be provided to finance the installation of electric heating systems, windows, doors, insulation and other energy saving purposes. Loans can be $3000 for 84 months at 5% interest. For ground source heat pump equipment and well drilling, the loans can be a maximum of $10,000.
- Roughrider Staff and select local business leaders.
- All Communities & Residents
- No Regard to Service Territory
- Application Monthly Deadline the 15th
- Presentation at Board Meeting
- Will notify applicant within five working days of Board Decision
- Primary Sector
- Retail Business
- Community Facilities
- Agriculture Processing & Irrigation
Eligible Use Of Funds
- Interim or Permanent Financing
- Building Construction or Renovations
- Real Estate
- Machinery & Equipment
- Working Capital - NOT USEABLE FOR REFINANCING
Minimum Loan Size
Maximum Loan Size
- Depends on revolving fund loan balance
- Cannot exceed 75% of total project capital requirements
- Accounts Receivable
- Federal Government Securities
- Letters of Credit
- Real Estate
- May Require Hazard and Life Insurance
- Can Subordinate Security Position
Length of Loan
- Building & Real Estate 10years
- Working Capital 1-3years
- May Defer Principal Up To 2 years
- From 0 to Maximum Rate of Prime as Published in the Wall Street Journal
Return to Roughrider
- 1% Loan Servicing Fee on the Outstanding Loan Principal on the First Day of Each Year on Each Loan.
- All Staff Members Will Need to Keep Track of Time Committed. If 1% Service Fee Does Not Cover Expenses,REC Can Charge Up To 10% for Operation Expenses.
- Provide Year-End Balance Sheet
- Provide Income and Expense Statement
GM Reports to Board
All Loans Annually
Problem Loans Quarterly