NEWS RELEASE FROM USDA RURAL DEVELOPMENT:
STEVENS POINT, Oct. 25, 2012 – USDA Rural Development will provide funding to modernize and improve the efficiency of rural electric generation and transmission systems at eight rural electric projects throughout the nation, including Ladysmith’s own Jump River Electric Cooperative, Inc.
A $7.7 million loan to Jump River Electric Cooperative, Inc., will be used to serve 462 customers, build and improve 64 miles of distribution line, and make other system improvements. The loan includes $314,658 in smart grid projects.
“The funding for Jump River Electric Cooperative is another example of the Administration’s commitment to help rural communities build toward the future and be competitive,” said Stan Gruszynski, USDA Rural Development State Director. “Infrastructure is the single most important component for growth and prosperity as rural communities position themselves for the new world economy. We are pleased for Jump River Electric, this is what we do.”
Jump River Electric Cooperative, a member-owned organization guided by Cooperative Principles, is dedicated to providing safe, reliable, economical electric energy and other valuable services to enhance the quality of life in rural America.
Agriculture Secretary Tom Vilsack announced in August that USDA had met its goal to finance $250 million in smart grid technologies in fiscal year 2012. Today’s $107.5 million in loan guarantees includes nearly $3 million in smart grid technologies. The funding is contingent upon the recipient meeting the terms of the loan agreement.
For information on Rural Development projects throughout the country, please visit the agency’s new interactive web map at: http://www.rurdev.usda.gov/RDSuccessStories.html. The map features program funding and success stories for fiscal years 2009-2011.
President Obama’s plan for rural America has brought about historic investment and resulted in stronger rural communities. Under the President’s leadership, these investments in housing, community facilities, businesses and infrastructure have empowered rural America to continue leading the way – strengthening America’s economy, small towns and rural communities. USDA’s investments in rural communities support the rural way of life that stands as the backbone of our American values. President Obama and Agriculture Secretary Tom Vilsack are committed to a smarter use of Federal resources to foster sustainable economic prosperity and ensure the government is a strong partner for businesses, entrepreneurs and working families in rural communities.
USDA, through its Rural Development mission area, administers and manages housing, business and community infrastructure programs through a national network of state and local offices. Rural Development has an active portfolio of more than $172 billion in loans and loan guarantees. These programs are designed to improve the economic stability of rural communities, businesses, residents, farmers and ranchers and improve the quality of life in rural America.