Areas Served: REED member electric cooperative service area
The REED Fund is a non-profit tax-exempt 501(c)(3) corporation, formed through the collaboration of rural electric cooperative members of East River Electric Power Cooperative, Inc. REED serves in eastern South Dakota and western Minnesota.
Electric Cooperatives are consumer-owned, non-profit entities.
Concern for community and cooperation among cooperatives are two of their guiding principles.
Both REED’s membership structure and the fact that its members are local businesses in the region make the REED Fund unique.
Eligibility – Applicants must be legal entities, sole proprietors, and/or units of government – A minimum of 10% owner’s equity in cash or assets of the project/business – Requests cannot exceed 50% of a project’s total cost, accompanied by either bank commitment or denial, and must reasonably assist the project – Assurance of willingness and ability to repay the loan and adequate collateral – The proposed project must be located within REED’s geographic area (see map below) – The proposed project must fall into REED’s three target loan markets – Business, Industrial Development, and Infrastructure: Loans support business growth and development and contribute to employment and business ownership opportunities.
The loans benefit retail, service, tourism, manufacturing and technology sectors.
– Value-Added Agriculture: To recognize agriculture’s impact on the region’s economic base, REED makes loans to support projects that add value to local agriculture production through innovation, improved services, further processing or marketing.
Loans are not made for traditional production agriculture.
– Community Development: Community services and quality of life are necessary for sustainbale development.
Loan recipients may include, but are not limited to, civic and philanthropic organizations, educational institutions, local governments and special purpose districts.
Contact InformationRural Electric Economic Development
Address: 121 SE First St.
City: Madison
State: South Dakota
Website:
http://www.eastriver.coop/programs/reed/
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