WASHINGTON- Senator Chuck Grassley today announced that the U.S. Department of Agriculture Office of Rural Development has awarded loans totaling $7.95 million to Chariton Valley Electric Cooperative in Albia, serving Appanoose, Davis, Wapello, Wayne, Lucas, Marion, and
Monroe counties and to Federated Rural Electric Associaton in Jackson , Minnesota serving Emmet, Kossuth, Dickinson, and Osceola counties through the Electric Loan program.
“These loans will help better serve Iowans. It’s important to have the infrastructure these loans will create and improve in rural
Iowa ,” Grassley said.
The Electric Loan Programs make insured loans and guarantees of loans to nonprofit and cooperative associations, public bodies, and other utilities. Insured loans primarily finance the construction of facilities for the distribution of electric power in rural areas. The guaranteed loan program has been expanded and is now available to finance generation, transmission, and distribution facilities in rural areas.
The Office of Rural Development has awarded loans to facilitate electric projects, as described below.
· $4 million to the Chariton Valley Electric Cooperative providing funds to serve 246 consumers, build 62 miles of new and 38 miles of improved distribution lines, and make other improvements.
· $3.95 million to the Federated Rural Electric Association providing funds to serve 2 consumers, build 3 miles of new distribution line, and make other system improvements.