NAPOLEON, ND, Nov 16, 2011 -- USDA Rural Development selected KEM Electric Cooperative, Inc. to receive a $450,000 loan through the Rural Economic Development Loan program. KEM Electric will use the financing to provide a loan to LaMoure Equipment, Inc. d/b/a Green Iron Equipment for the expansion of their dealership located in Napoleon.
“This financing will help support our agriculture industry and spur economic activity,” said Jasper Schneider, USDA Rural Development State Director. “This is a good example of a public and private partnership to promote growth and job creation.”
The project added 13,500 square feet to Green Iron’s existing service shop and include a 15’ X 32’ connection between the addition and the current building. Due to an increase in machinery sales and service, the expansion was needed to provide adequate space for improved and timely service to the dealership’s growing customer base.
“I'm very pleased with this expansion. Because of our growth in the area it was crucial for us to increase our customer base in our service department,” said Barry Wentz, Manager of Green Iron Equipment in Napoleon. “An expansion of this nature was necessary in order to continue the success of our business and increase our market share in south central North Dakota.”
As a result of the project, five new jobs will be created at Green Iron consisting of one full-time service manager and four service technicians. Green Iron Equipment is an authorized John Deere dealership with six stores in North Dakota and South Dakota.
“Economic Development is important to rural communities to help them stay strong and prosperous,” said John Knox, KEM Electric Cooperative CEO. “KEM Electric Cooperative along with USDA has the tools to make a successful attempt at economic development projects that help local businesses and economies.”
The Rural Economic Development Loan and Grant Program (REDLG), which is administered by USDA Rural Development, provides funding to rural projects through local utility organizations. Under the program, USDA provides zero-interest loans to local utilities which they, in turn, pass through to local businesses for projects that will create and retain employment in rural areas. Further information on rural programs is available at a local USDA Rural Development office or by visiting USDA Rural Development’s web site at http://www.rurdev.usda.gov/nd.