Re-Energizing Rural: REED Fund Making A Real Impact
It’s easy to say you care, but actually making a difference is what really counts. That is what the Rural Electric Economic Development Fund (REED) has been doing for more than 20 years.
The REED Fund, a revolving loan fund governed by 23 electric cooperatives in South Dakota and western Minnesota, is used to finance projects that promote economic development and enhance the lives of people in rural communities.
Here are three recent stories of how the REED Fund has helped to grow and sustain our local communities.
Prescription Agronomics, LLC
This Ipswich, South Dakota, based fertilizer company is a joint venture between North Central Farmer’s Elevator Cooperative and John Guerard. Started in 2001, it specializes in blending liquid fertilizer products for local agriculture producers. FEM Electric Association’s REED Fund loan is part of a package that helped the company to increase raw product storage capacity, upgrade equipment and construct additional facilities.
Wolsey Fire Protection District
Wolsey Fire Protection District and its first responder rescue squad serves the town of Wolsey, South Dakota, and the surrounding eight townships covering 260 square miles. With financing from Dakota Energy Cooperative’s REED Fund and their sponsorship of a USDA zero-percent loan, the district constructed a 6,400 square foot facility capable of holding all of its vehicles plus a training room, storage room, office and restrooms.
Boys & Girls Club of the Aberdeen Area
With the help of financing from Northern Electric Cooperative’s REED Fund, the Boys & Girls Club of the Aberdeen Area officially opened the doors of its new building in June 2017. The club had been housed in a county maintenance facility since 1970, so the move into something bigger and better was needed. A few of the features of the new building include separate classrooms, an education center, a larger dining hall, a teen room, a state-of-the-art gym, a robust security camera system and more.
REED 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. Established in 1996 and governed by 23 electric cooperatives, REED assists projects that promote growth and contribute to job, business and wealth creation, as well as improve infrastructure, community facilities/services and the economic base of rural areas.
Visit www.reedfund.coop for more information.