Since 1995, North Carolina’s electric cooperatives have helped bring more than 14,600 jobs and $903 million of economic investment to the state. As a member of the state's electric cooperative network, Tideland EMC can provide a wide array of support for businesses seeking to start, expand, or relocate within our service territory. These services include:
As a borrower through USDA's Rural Utilities Service, Tideland EMC is eligible to apply for certain federal loan and grant funds. The awarding of these loans and grants are based on competitive scoring and funds availability.
USDA - Rural Economic Development Loans and Grants
Description: Provides zero-interest loans and grants to Rural Utilities Service borrowers to promote rural economic development and job creation projects.
Loan and Grant Purposes: Funds are passed on to third party borrowers as zero-interest loans for projects that create jobs in rural areas, or that provide infrastructure or community facilities in rural areas that will lead to economic stability.
Who Is Eligible? Rural Utilities Service Electric and Telephone borrowers with outstanding loans, and not delinquent on loans, are eligible.
Other Loan and Grant Criteria: Applications are scored on job creation potential, sustainability of projects, suitability of project to the area, diversification of employment in the area, amount of supplemental funds, relative income, and employment levels.
Loan Amount: A maximum of $740,000 per loan application may be requested. Maturity for loans is a maximum of 10 years.
Grant Amount: A maximum of $300,000 per grant application may be requested to establish a revolving loan fund. The grant is to the cooperative which in turn lends the money to the qualifying borrower. Maturity for the loan is a maximum of 10 years. A 20% match of local funds is required.
Application Turnaround: Normal turnaround time is approximately 5 months from initial receipt of an application to a decision on whether a project will be funded.
For more information contact marketing manager Heidi Smith at 252.944.2410.