WASHINGTON — Senator Chuck Grassley said today that the U.S. Department of Agriculture’s Office of Rural Development is awarding a $2,000,000 loan to Grundy Electric Cooperative through the Electric Guaranteed Loan Program.
According to the Department of Agriculture, the funds will be used to build four miles of new distribution line and make other system improvements. The loan is contingent upon Grundy Electric Cooperative’s ability to meet the conditions of the loan agreement.
“This loan will help Grundy Electric Cooperative better serve its customers,” Grassley said.
Each year, local Iowa organizations, colleges and universities, individuals and state agencies apply for competitive grants and loans from the federal government. The funding is then awarded based on each local organization or individual’s ability to meet criteria set by the federal entity administering the funds.