FOR IMMEDIATE RELEASE:

Bath, SD  06/05/23

Contact: Kelly Brandlee

Northern Electric Cooperative, Inc.

(605) 225-0310 or kbrandlee@northernelectric.coop

FOR IMMIDIATE RELEASE: Beadle and Spink Enterprise Community, Inc. was recently awarded financing when Northern Electric Cooperative issued a Rural Electric Economic Development, or REED, loan to BASEC to help them recapitalize their existing home loan program.

Working closely with local banks, other loan funds, state and federal agencies to finance community and economic development projects, Northern Electric provides financing from REED to help businesses start and expand business, create jobs and help communities improve facilities, services, and infrastructure. 

Char Hager, Northern Electric CEO, says that funding BASEC is a great opportunity to impact the lives of many positively. “In today’s economy, employment, and economic development – especially housing - continues to be challenging, so being able to assist through the REED Fund is very gratifying for us, knowing we are making a difference in our small communities and rural areas.”

Approximately 81 percent of REED’s lending is established in communities of less than 4,000 people, and 98 percent of REED-financed projects have local ownership. 

“One of Northern Electric’s core principles is Commitment to Community, and the REED Fund is a good example of how we support local economic development,” says Hager. 

If you are planning a new business or looking to expand, or if your community needs financing for facilities or services, please contact Northern Electric at 605-225-0310 for an application or REED at (605) 256-8032 for more information.    

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