Loans of more than $271 million to 13 rural utilities and cooperatives in 15 states will benefit more than 56,000 rural customers by building and repairing more than 4,000 miles of distribution and transmission lines and make system improvements.
"President Obama is delivering on his commitment to invest in America's infrastructure and create jobs," Secretary of Agriculture Tom Vilsack said. "Our rural communities need reliable, affordable electric service in order to support business expansion and broaden economic opportunities. These loans will spur growth in rural America by enabling cooperatives to deliver improved service to more customers."
The funding is being provided through USDA Rural Development's Electric Programs, which Congress authorized under the Rural Electrification Act of 1936 to provide loans and loan guarantees to help utilities, cooperatives, states and local governments provide or improve electric service in rural areas. The Electric Program also helps finance energy conservation and renewable energy systems.
Funding of each loan recipient is contingent upon the recipient meeting the conditions of the loan agreement. Below is a complete list of the selected borrowers.