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Rural Electric Economic Development (REED) Fund

Category: Local Incentives, Grants & Loans


The REED Fund provides financing and helps leverage investment in small communities and rural areas, targeting projects that will promote growth and contribute to job creation, wealth creation and improvements in the infrastructure and economic base. The REED Fund provides needed development capital at reasonable rates to cooperatives, for-profit businesses, not-for-profit organizations and public bodies. The REED Fund partners with local, regional and state programs to fill financing gaps.
 

REED lending projects include, but are not limited to:
 

  1. Small and medium sized business and cooperatives engaged in manufacturing, retail, service and tourism industries.
  2. Community projects relating to water/wastewater, healthcare, education, telecommunications, public safety, recreation and the arts
  3. Producer owned business and cooperatives that add value to agriculture through further processing, marketing or enhanced services
  4. Multi-family rental housing with strong community support
  5. Efficient use of energy is encouraged for all projects and is also an eligible activity
  6. Applicants do not need to be a member/consumer of a rural electric cooperative


Every effort is made to make loans in conjunction with local lenders to help borrowers establish the necessary banking relationships for continued access to credit as businesses grow.


REED is a non-profit organization governed by twenty-two electric cooperative members of East River Electric Power Cooperative, Inc. in eastern South Dakota and parts of western Minnesota. Applicants do not need to be a member/consumer of a rural electric cooperative to apply.


Contacts

Linda Salmonson
Rural Electric Economic Development
PO Box 227
Madison, SD  57042
Phone: 605-256-8015
LSalmonson@eastriver.coop
http://www.eastriver.coop/programs/reed/

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