Development Grant Program

Funder: USDA Rural Development (administered through Gulf Coast Electric Cooperative)

Purpose: Provides grants to Rural Utilities Service (RUS) borrowers to promote rural economic development and job creation projects. Grants are used to establish revolving loan funds to provide infrastructure or community facilities in rural areas that will lead to economic stability.

Geographic Scope: Rural areas; GCEC service territory in Florida

Eligible Applicants:

• Rural Utilities Service Electric and Telecommunication borrowers
• Gulf Coast Electric Cooperative (GCEC)

Grant Amount:

• Maximum of $300,000 per grant application (as of Fiscal Year 2006)

Selection Criteria:
Applications are scored on:

• Job creation potential
• Potential economic success of project
• Suitability of employment in the area
• Amount of supplemental funds
• Relative income and employment levels

Key Requirements:

• Only financially strong businesses will be evaluated
• Must have strong economic impact on the community
• Must have detailed business plan
• Only applied to projects that offer communities several jobs
• Help the local tax base
• Business ability to repay the loan

Application Timeline:

• Normal turn-around time is approximately 5 months from initial receipt of application to a funding decision

Available Funding:

• FY 2006 funding level: $10 Million