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Loan Options

ERC Loans

Energy Resource Conservation (ERC) loans are available 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.

Revolving Loan Fund

The purpose of the economic development-revolving loan is to assist consumers in the expansion or start-up of small businesses served by Roughrider Electric.

The Zero Interest Loan must be used exclusively to promote rural economic development and/or job creation.

Committee Members:

  • Roughrider Staff and select local business leaders.

Eligible Applicants:

  • All Communities & Residents

  • No Regard to Service Territory

Application Procedure:

  • Application Monthly Deadline the 15th

  • Presentation at Board Meeting

  • Will notify applicant within five working days of Board Decision

Eligible Projects:

  • Primary Sector

  • Tourism

  • 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:

  • $5,000

Minimum Equity:

  • 10%

Maximum Loan Size:

  • Depends on revolving fund loan balance

  • Cannot exceed 75% of total project capital requirements

Eligible Collateral:

  • Accounts Receivable

  • Inventory

  • Equipment

  • Federal Government Securities

  • Letters of Credit

  • Real Estate

  • May Require Hazard and Life Insurance

  • Can Subordinate Security Position

Length of Loan:

  • Building & Real Estate 10 years

  • Equipment 5-7 years

  • Working Capital 1-3 years

  • May Defer Principal Up To 2 years

Interest Rates:

  • 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.

Applicant Responsibility:

  • Provide Year-End Balance Sheet

  • Provide Income and Expense Statement

GM Reports to Board:

  • All Loans Annually

  • Problem Loans Quarterly

The 7 Cooperative Principles