Poudre Valley REA Creates Loan Fund for Community Projects
Poudre Valley Rural Electric Association has secured funding from the US Department of Agriculture (USDA) to fund local projects that will benefit communities in Northern Colorado. The initial project that will benefit from the fund is the Platte Valley Fire Protection District through the Platte Valley Fire District Foundation. The Foundation was formed to support the Fire District and to provide much needed additional equipment. The total cost of the project is $1.3 million.
The PVREA loan fund was created in conjunction with the USDA's Rural Economic Development Loan and Grant program (REDLG), which provides zero-interest loans and/or grants to cooperative-owned utilities that, in turn, provide funding to local agencies for projects in rural areas that create news jobs and maintain existing jobs.
“This fund is the result of a strong commitment by the PVREA Board of Directors to support projects that benefit our members and local communities,” said Poudre Valley REA CEO Brad Gaskill.
The current project is funded by a $740,000 zero-interest loan and a $300,000 grant from the USDA REDLG program to Poudre Valley REA. The PVREA Board of Directors initiated the fund with $60,000 earlier this year.
Once the loan and grant from USDA was secured, $1,040,000 was provided to the Platte Valley Fire District Foundation in the form of a zero-interest loan that will be paid back over ten years. As the loan is repaid funds will then become available for other community projects. Platte Valley Fire District Foundation also contributed $260,000 to the project.