WASHINGTON — Senator Chuck Grassley said today that the U.S. Department of Agriculture, Office of Rural Development, is awarding a $25,000,000 loan guarantee to Tri-County Electric Cooperative, serving Allamakee, Howard and Winneshiek counties, through the Electric Guaranteed Loan program.
“This investment in rural America’s utilities and cooperatives should help improve service to rural customers,” Grassley said.
Tri-County Electric Cooperative will use the loan guarantee to help serve 460 new and existing consumers, build 70 miles of new distribution line, make improvements to 79 miles of distribution line, and make other system improvements
The Electric Guaranteed Loan program assists rural areas in the financing of construction of electric distribution, transmission, and generation facilities, including system improvements and replacement required to furnish and improve electric service, as well as demand side management, energy conservation programs and on-grid renewable energy systems.
Each year, thousands of 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.