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:

  1. Member submits contractor’s estimate (in writing) and completed Credit Application Form for irrigation system auto restart equipment loan.
  2. If approved by Board, the member provides invoice(s) confirming the loan amount.
  3. Member and Co-op execute Consumer Credit Disclosure Form and Installment Note.
  4. Co-op issues a check to the member for the loan amount.