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Economic Development Loan

Jackson County area small business owners impacted by the COVID-19 pandemic may be eligible to receive a zero to low-interest loan from Jackson Electric's Revolving Loan Fund program.

COVID-19 Loan Disclaimer:  Some funding guidelines were waived by the USDA in response to the COVID-19 pandemic. Thus, revisions were made to Jackson Electric Cooperative's RLF Plan to reflect these changes. Loan applications submitted under these revisions will be accepted until December 1, 2020. Please review the Revolving Loan Fund Plan for complete program guidelines.

Application Eligibility:

  • Small business must be located in the Jackson County area
  • Small business must demonstrate a measurable financial loss due to COVID-19
  • Loan applications will be accepted until December 1, 2020, or until funds are depleted

Funding Amount:

  • Individual businesses may apply on a first-come, first-serve basis or until funds are depleted
  • Available loans up to $7,500

Loan Terms:

  • 0% interest on secured loans
  • 2% interest on unsecured loans
  • No application fee
  • No early payment penalty
  • Term will not exceed beyond 48 months
  • First loan payment is due on January 4, 2021 (regardless of the date the loan was accepted)

Application Process:

Submit your loan application, along with the following, to Jackson Electric:

  • A copy of your 2018 tax return (also attach 2019, if available)
  • Income/balance sheet and/or business plan (optional)
  • Obtain a Data Universal Numbering System number (DUNS). Instructions on how to obtain this number is attached with the loan application.

Jackson Electric will review your application, and if approved, additional forms will be required to complete the processing of the loan.

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