Rural Economic Development Loan and Grant Recipients
Rural Water Loan and Grant Recipients
February 2003

Rural Economic Development Loan Recipients

Pea River Electric Cooperative, Inc., Ozark, Ala. - $450,000 economic development loan. Funds will be used to assist an Ozark area business finance equipment for a water bottling facility. The water bottling company is expected to create 12 new jobs.

Pella Cooperative Electric Association, Pella, Iowa - $450,000 economic development loan. Funds will be used to assist a high-tech metal fabrication company with the purchase of land, machinery and equipment, and the construction of a new specialty shop building. The company is expected to add 15 additional jobs to the current workforce of 70 employees.

Wellman Cooperative Telephone Association, Wellman, Iowa - $400,000 economic development loan. Funds will be used to assist a local business in expanding their existing licensed care facility to include 20 assisted living units and an adult day care center. The expansion of the company is expected to add 12 additional jobs to the current workforce of 100 employees.

Bluestem Electric Cooperative, Inc., Wamego, Kan. - $450,000 economic development loan. Funds will be used to assist in the start-up of a new company that is developing cleaning and refinishing solutions for the aircraft and defense industries. The company is expected to create 26 new jobs over the first two years of operation.

Prairie Land Electric Cooperative, Inc., Norton, Kan. - $450,000 economic development loan. Funds will be used to assist the Norton County Government in expanding the Norton County Hospital. The county will expand and renovate the existing facility, including renovations to the emergency and trauma rooms, obstetrical department, laboratory, radiology, and nurses' stations. The County is expected to add 5 additional jobs to the current workforce of 100 employees.

Kenergy Corp, Henderson, Ky. - $450,000 economic development loan. Funds will be used to assist Henderson, McLean, Union and Webster Counties establish a 944-acre industrial park. The industrial park is expected to create new employment opportunity in an area that has been adversely affected by the slumping agricultural and coal industry economies.

Wild Rice Electric Cooperative, Inc., Mahnomen, Minn. - $144,000 economic development loan. Funds will be used to develop infrastructure for a proposed 22-acre industrial/commercial park in the City of Lake Park, Minn. The cooperative expects to create five new jobs through the expansion of business opportunities created by the new park.

Crow Wing Cooperative Power and Light Company, Brainerd, Minn. - $450,000 economic development loan. Funds will be used to assist a local architectural firm expand existing operations. The expansion is expected to add 53 additional jobs to the current workforce of 164 employees.

Northern Plains Electric Cooperative, Carrington, N.D. - $300,000 economic development loan. Funds will be used to assist a local manufacturer of products used by the agricultural transport industry with the purchase of equipment for their business expansion. The expansion is expected to add 15 additional jobs to the current workforce of 60 employees.

Whetstone Valley Electric Cooperative, Inc., Milbank, S.D. - $450,000 economic development loan. Funds will be used to assist in the purchase of a local hospital scheduled for closing. The continuation of the hospital will save 80 local jobs and provide necessary medical services to the Milbank area.

Fayetteville Electric System, Fayetteville, Tenn. - $450,000 - economic development loan. Funds will be used to provide a zero interest loan to the South Central Tennessee Human Resource Agency to purchase a building and make renovations for needed office space. The agency provides a range of community services, including: transportation of elderly; weatherization assistance; pre-school programs; and nutrition for the elderly. The expansion is expected to add 15 additional jobs to the current workforce of 85 employees.

Forked Deer Electric Cooperative, Halls, Tenn. - $300,000 - economic development loan. The funds will be used to assist Lauderdale County construct a new health department building in Ripley, Tenn. The new facility is expected to add two additional jobs to the current workforce of 18 employees.

Caney Fork Electric Cooperative, McMinnville, Tenn. - $450,000 - economic development loan. The funds will be used to assist a White County manufacturer to purchase new equipment needed for a recent expansion in their current operations. The expansion is expected to add 41 additional jobs to the current workforce of 72 employees.

Rural Economic Development Grant Recipients

Henderson Cooperative Telephone Company, Henderson, Neb. - $200,000 economic development grant. Funds will be used to support a local revolving loan fund that will assist in the completion a new medical clinic. The clinic is expected to add six additional jobs to the current workforce of 115 employees.

Farmers Mutual Telephone Cooperative, Shellsburg, Iowa - $169,300 economic development grant. Funds will be used to establish a local revolving loan fund. The first loan from the fund will be used to assist Urbana Polk Township Fire Protection Agency with the purchase of a new pumper fire truck to replace their existing 1967 truck.

Midland Power Cooperative, Jefferson, Iowa - $200,000 economic development grant. Funds will be used to supplement an existing revolving loan fund. The first loan will be to the Green County Medical Center to finance an assisted-living facility. The 22-unit facility will be connected to the hospital and provide medical assistance, emergency response service, meals, and housekeeping assistance. The new facility is expected to add five new jobs to a current workforce of four employees.

Dakota Valley Electric Cooperative, Inc., Milnor, N.D. - $168,000 economic development grant. Funds will be used to assist in the funding of a local revolving loan fund. The Oakes Volunteer Ambulance Service will receive a zero-interest loan to construct a new ambulance garage and purchase a new ambulance.

Northern Plains Electric Cooperative, Cando, N.D. - $200,000 economic development grant. Funds will be used to re-capitalize a local revolving loan fund. The initial loan will assist a local medical center purchase and remodel a facility and purchase equipment and furnishings for a resident addiction treatment center. The cooperative has estimated that eight new jobs will be created by the expansion of the local medical center.

Rural Water Loan and Grant Recipients

Greater Gardendale Water Supply Corporation, Gardendale, Texas -- $4,417,600 water loan and grant package ($2,497,200 loan/$1,920,400 grant). Funds will be used to develop a central facility which utilizes water from six existing wells. The proposed facility will include a pump station, a 200,000-gallon elevated storage tank and 64 miles of distribution lines. The 2,470 residents currently either haul their drinking water or try to utilize individual wells that contain water of very marginal quality and quantity. The loan will have a 40-year repayment period at an interest rate of 4.625 percent.

Menlow Water Supply Corporation, Abbott, TX -- $625,000 water loan and grant package ($239,300 loan/$385,700 grant). Funds will be used to drill a new well, construct a 50,000-gallon elevated storage tank and pump house, and make improvements to the two existing plants and distribution lines. The enhancements to the water system will benefit 900 area residents. The loan will have a 40-year repayment period at an interest rate of 4.5 percent.

Town of Cut and Shoot, Texas - $1,680,000 water loan and grant package ($1,220,000 loan/$460,000 grant). Funds will be used to make improvements to the community's water system by adding two additional wells, one elevated storage tank and additional distribution lines. The improvements are expected to benefit 1,905 area residents. The loan will have a 40-year repayment period at an interest rate of 4.625 percent.

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