Business & Community Loans
Northern Electric provides assistance to area development groups in the communities we serve including Grow Spink and the Aberdeen Development Corporation. Northern Electric also provides assistance to individuals through our Rural Electric Economic Development loan fund.
Rural Electric Economic Development, Inc. (REED Fund):
Rural Electric Economic Development, Inc. (REED) Fund provides business and community project financing in partnership with commercial and other economic development lenders to leverage private investment and make a difference in the region it serves.
The REED Fund was established in 1996 and is governed by East River Electric Cooperative and its member electric distribution cooperatives like Northern Electric. REED assists projects that promote growth and contribute to job, business, and wealth creation, as well as projects that improve infrastructure, community facilities and services, and the economic base of rural areas.
REED makes loans to for-profit businesses, not-for-profit organizations, and local governments. Projects include, but are not limited to:
Small and medium sized business and cooperatives engaged in manufacturing, retail, service and tourism industries
Community projects relating to water/wastewater, healthcare, education, telecommunications, public safety, recreation and the arts
Producer-owned business and cooperatives that add value to agriculture
Multi-family rental housing with strong community support
Efficient use of energy is encouraged for all projects and is also an eligible activity
Applicants do not need to be a member/consumer of a rural electric cooperative to apply
REED demonstrates the cooperative principles of commitment to community and cooperation among cooperatives in a meaningful way that adds value to the region.