Rural Economic Development Loans and Grants
Description
Provides zero-interest loans and grants to Rural Utilities Service borrowers to promote rural economic development and job creation projects.
Loan and Grant Purposes
Funds are passed on to third party borrowers as zero-interest loans for projects that create jobs in rural areas, or that provide infrastructure or community facilities in rural areas that will lead to economic stability.
Who Is Eligible
Rural Utilities Service Electric and Telephone borrowers with outstanding loans, and not delinquent on loans, are eligible.
Other Loan and Grant Criteria
Applications are scored on job creation potential, sustainability of projects, suitability of project to the area, diversification of employment in the area, amount of supplemental funds, relative income, and employment levels.
St. Alexius Washburn Clinic benefits from a McLean Electric Cooperative Grant
St. Alexius Washburn Family Clinic will be the initial recipient of the newly established McLean Electric Cooperative's revolving loan fund program. McLean Electric Cooperative was awarded a $200,000 Rural Economic Development RedLG Grant from USDA Rural Development to create a revolving loan fund program. Funds for this grant were utilized to establish and enhance technology at the St. Alexius Washburn Family Clinic.
The purpose of the RedLG grant is to encourage rural electric and telecommunications utilities to promote rural economic development and job creation. Loans are provided to finance a broad array of projects, including community development assistance, education, job training or medical services, business incubators, and technical assistance. "We are delighted to partner with the McLean Electric Cooperative for such an important part of our Ministry", explains Andrew L. Wilson, President and Chief Executive Officer of St. Alexius Medical Center. "This program is an excellent example of industry playing a key role in rural economic development and it will have a very positive impact in meeting the Health Care needs of those living in the Washburn region."
Upon repayment of the loan, the funds will be used by the utility to create and operate a revolving loan fund program to promote rural economic development and job creation projects. Other contributors to this project were Great River Energy, Garrison Area Improvement Association and West River Telecommunications. The St. Alexius Washburn Family Clinic opened in 2006.
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