Federated Rural Electric is committed to the people, communities and quality of life within its service area. Federated is eager to work with individuals or firms that are considering developing or expanding within its region. Open this attachment to review Federated's past economic development projects.
Federated has personnel available to provide information on land, buildings, labor opportunities, equipment purchases, utilities, financing package development and much more.
Additionally, Federated has four specific economic development tools available that may be appropriate for various projects. The following gives a brief, general overview of each program. For additional information on any of these programs contact Federated Rural Electric by calling or emailing.
1. Rural Utilities Service (RUS) Economic Development Loan Program
Low interest loan funds are available through the Rural Utilities Service between $10,000 and $740,000. Funds for approved projects are loaned to Federated Rural Electric; in turn, the co-op loans the funds to the project. A pre-application process consisting of an application, a brief written narrative describing the project, and a resolution supporting the application from the Federated Rural Electric board of directors are required to begin consideration by the RUS. In addition, RUS loan funds can be used for the development of water, sewer, and industrial parks.
2. Federated Commercial & Industrial Economic Development Loan Program
Federated Rural Electric makes available low interest loans up to $25,000 through qualifying development organizations to firms building or expanding within Federated's service territory. The loans, which are funded by Federated and administered solely by Federated personnel, are intended to provide gap financing for projects. Guidelines are also available to ensure equal review of loan applications.
3. Federated Revolving Loan Fund
Federated Rural Electric will make available to eligible organizations, according to Federated Policy 322 with a minimum amount of $10,000 and maximum amount of $100,000. The interest rate shall be between 3 percent and Wall Street Prime Rate. Fixed asset and working capital financing are available. Applications are available from the Cooperative.
4. L&O/Basin Revolving Loan Fund
Through Federated’s wholesale power supplier (L&O Power Cooperative/Basin Electric), a revolving loan fund exists up to $80,000. Applications are available from Federated.