Eligibility

Umatilla Electric’s Revolving Loan Fund Loans: In general, eligible projects for loans can include any business venture, governmental public body, or entities involved in a community or economic development project that promotes job creation and/ or provides needed community services that benefit rural areas, including loans to for-profit businesses and loans to not-for-profit entities. Uses of UEC’s Revolving Loan Fund proceeds may be for land, fixed assets, machinery and equipment, or working capital needs. Working capital loans will only be considered in conjunction with the purchase of other assets as previously specified.

Ineligible uses of UEC’s Revolving Loan Fund include pre-development costs, refinance of existing debts; illegal activities; legal activities that in the opinion of UEC’s Board of Directors adversely affect UEC’s Revolving Loan Fund Revolving Loan Fund interests; general improvement loans related to normal replacement needs of a business and unrelated to business expansion/job creation; and loans to projects which have alternative sources of financing at reasonable interest rates.

Loans will be collateralized, as determined necessary by UEC’S Board, to secure its participation in the project and can include, but is not limited to, mortgages, liens, letters of credit and/or personal and corporate guarantees. Other terms and conditions may  be required as determined by the UEC Board of Directors, depending upon individual circumstances, including but not limited to assignment of leases, subordination agreements, life insurance, etc. The loan recipient will be required to maintain appropriate insurance on all secured assets and name UEC’s Revolving Loan Fund as loss payee.

1. Download the Umatilla Electric Cooperative Revolving Loan Fund Application here.

 2. Applications will be accepted during normal business hours at GEODC’s office located at 2016 Airport Road, Pendleton, OR 97801.

3. A staff person of GEODC will review applications for completeness and present complete applications to the Loan Review Committee.

4. A Loan Committee will analyze each project and make a recommendation to UEC’s Board of Directors.

5. The UEC Board of Directors will review Revolving Loan Fund applications at their regularly scheduled monthly board meeting. However, if needed and at the board’s option, the board may call a special meeting to review a loan application.

6. UEC Board of Director’s shall have final authority to approve or deny all Revolving Loan Fund requests and to determine appropriate terms and conditions.

7. For approved loans, a loan agreement addressing all of the terms and conditions, including monitoring procedures, repayments, delinquencies, defaults and remedies for that project will be prepared by UEC’s Revolving Loan Fund. In addition, UEC’s Revolving Loan Fund shall have prepared all notes, mortgages, security agreements, UCC filings and other legal documents necessary to close the loan.

Umatilla Electric Cooperative (UEC) plays an active role in the development of our rural communities. Through its Board and staff, UEC provides both leadership and financial participation in the economic development and business expansion of our service territory. Now, through the creation of a Revolving Loan Fund (RLF), UEC is seeking to improve the quality of life in rural areas by helping to leverage projects that create and retain job opportunities for rural residents; that provide technical assistance, education, or medical care to rural businesses or rural residents; that further the use of advanced telecommunications services and computer networks for medical, educational and job training services; and that upgrade the public infrastructure to improve the economic development potential of rural areas and the health, safety and medical care of rural residents.