IRRIGATION AUTO RESTART LOANS
Working with our power supply partner, East River Electric Power Cooperative, we have a loan program available for those members who want to finance the cost of installing irrigation auto restart equipment.
Who can apply?
An active member of Codington-Clark Electric Co-op who has established a timely payment history and whose account balances are current.
Loan Terms and Conditions:
- Actual material and installation costs, not to exceed $20,000.
- 5% interest rate on the unpaid balance.
- Term not to exceed 84 months.
- No loan funds for refinancing existing obligations.
- Payments:
- Co-op bills monthly.
- No penalty for early repayment.
- Balance due and payable upon termination of membership or change of property ownership.
- Applications are subject to approval by the board of directors.
- Property owner must co-sign the loan made to the renter.
Application Process:
- Member submits contractor’s estimate (in writing) and completed Credit Application Form for irrigation system auto restart equipment loan.
- If approved by Board, the member provides invoice(s) confirming the loan amount.
- Member and Co-op execute Consumer Credit Disclosure Form and Installment Note.
- Co-op issues a check to the member for the loan amount.