USDA announced recently that Central Electric Cooperative, Inc., in Mitchell will receive a Rural Economic Development grant to help the Town & Country Fire Department with their recent firetruck purchase.
The grant in the amount of $212,000, which covers nearly 80 percent of the cost of the truck the department received last November, will be loaned to the T&C Fire Department on zero percent interest. T&C will repay the money to the Rural Electric Economic Development (REED) Fund, from where the money can be re-loaned for other projects.
The Department had secured a loan at four percent interest for the entire cost to pay for the truck at the time of delivery. Total cost of the firetruck was $268,232. An opt-out for up to $50,000 for 10 years was passed in September of 2014 and began being levied on 2015 taxes.
These grant funds, which were announced by the USDA on Friday, will save the department the four percent annual interest on 80 percent of cost of the truck.
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. The REED Fund serves most of eastern South Dakota and parts of Minnesota through rural cooperatives.
A total of $2.5 million in USDA funding will become available for four projects in South Dakota with this announcement, including new IT equipment for the Huron Regional Medical Center, medical equipment for the Milbank Area Hospital and funding to the West River Foundation for working capital, equipment, land and building for projects.
Funds will become available when the final paperwork has been filed and approved.
-
Weather
Failure notice from provider:
Connection Error:http_request_failedUpcoming Events
May 2024 SSunday MMonday TTuesday WWednesday TThursday FFriday SSaturday 28April 28, 2024 29April 29, 2024 30April 30, 2024 1May 1, 2024 2May 2, 2024 3May 3, 2024 4May 4, 2024 5May 5, 2024 6May 6, 2024 7May 7, 2024 8May 8, 2024 9May 9, 2024 10May 10, 2024 11May 11, 2024 12May 12, 2024 13May 13, 2024 14May 14, 2024 15May 15, 2024 16May 16, 2024 17May 17, 2024 18May 18, 2024 19May 19, 2024 20May 20, 2024 21May 21, 2024 22May 22, 2024 23May 23, 2024 24May 24, 2024 25May 25, 2024 26May 26, 2024 27May 27, 2024 28May 28, 2024 29May 29, 2024 30May 30, 2024 31May 31, 2024 1June 1, 2024 -
Recent Posts
Contact Us
Archives
Tweet