Fire Department receives zero percent loan funds for fire truck

GENERAL MANAGER of Central Electric in Mitchell Ken Schlimgen presents check to Alan Linke, representing the T&C Fire Department, and Fire Chief Travis Coulthard.

GENERAL MANAGER of Central Electric in Mitchell Ken Schlimgen presents check to Alan Linke, representing the T&C Fire Department, and Fire Chief Travis Coulthard.

The Town & Country Fire Department received a loan check last Tuesday from Central Electric Cooperative that will help pay for their new fire truck.
Central Electric, Inc. of Mitchell received a Rural Economic Development grant recently, which they loaned to the Department at zero percent interest. The grant amount of $212,000 covers almost 80 percent of the cost of the brand new fire truck T&C received last fall.
T&C Fire will make loan payments to the Rural Electric Economic Development (REED) Fund. That money will then be available to be re-loaned for other area projects.
Central Electric General Manager Ken Schlimgen and T&C Fire officers signed the loan documents Tuesday, May 24 at the Fire Hall in Woonsocket.
The Fire Department had previously secured a four percent interest loan for the entire cost of the truck. These grant funds will save T&C and the county the four percent interest on about 80 percent of the total amount of $268,232. A 10-year, $50,000 opt-out to pay for the truck had been passed in September 2014, and began being levied on 2015 taxes.
The Rural Economic Development Loan (REDL) and Grant (REDG) programs provide funding to rural projects through local utility organizations. Under the REDGrant program, USDA provides grant funds to local utility organizations, which use the funding to establish revolving loan funds. Loans are made from the revolving loan funds to projects to help create or retain rural jobs.
The REED Fund is a community development financial institution that provides financing and helps to leverage local investments.

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