T&C Fire Department in Woonsocket, S.D., recently received a $135,000 Rural Electric Economic Development (REED) loan issued by Central Electric Cooperative. The funds are being used to finance a building addition on the existing fire hall, originally built in 1976.
T&C Fire training officer and board member Rick George said, “The addition gives us room to build for the future.” He gave a tour of the facility and shared how the added building space enables them to plan ahead and mitigate challenges facing rural fire departments. George also explained how space constraints created safety hazards, such as when trucks were leaving the building while firefighters were gearing up and gathering equipment.
“We are proud to show our support for T&C Fire Department,” said Central Electric General Manager Ken Schlimgen. “Rural fire departments provide critical services throughout our service area, and they need resources to make it happen. The community benefits from these improvements.”
The REED Fund partners with local banks, other loan funds and state and federal agencies to provide gap financing for community and economic development projects. It can be utilized to help organizations start or expand business operations and to assist communities with improvements to facilities, services and infrastructure.
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 Central Electric Cooperative’s core principles is commitment to community, and leveraging the REED Fund is a great way to support organizations in the communities we serve,” Schlimgen said.
To inquire about REED financing for a community or economic development project, please contact Central Electric at 800-477-2892 or the REED office at 605-256-8032.