Macon Electric Cooperative Secures USDA Funding for HVAC Project in Macon H.S. Gym
The Macon County R-I High School gymnasium is getting a much needed upgrade with a new HVAC system acquired with funding from the United States Department of Agriculture (USDA) Rural Economic Development Loan and Grant (REDLG) program through Macon Electric Cooperative (MEC). MEC has been awarded a grant from the USDA with the intent to pass the funds along to the Macon School District in the form of a zero percent interest loan.
The USDA awards funding quarterly for eligible projects through Rural Utilities Service borrowers, such as MEC. As part of the program, MEC received a $300,000 grant. This money is coupled with a 20% required match from MEC to provide capital for the start-up of a Revolving Loan Fund (RLF). The cooperative will use the $360,000 to establish its RLF upon repayment by the Macon School District.
“MEC is pleased to facilitate the USDA funding to assist in improving the Macon School District,” stated Todd Schroeder, MEC General Manager. “We look forward to continuing to use these funds to help improve economic growth in our communities.”
As this initial loan is paid back to the cooperative, MEC will continue to loan the money back out into the local communities using an application process and a RLF committee.
“The development of the ongoing RLF program will be a welcome addition to our local economic development efforts,” said Schroeder.
To learn more about the USDA REDLG program, or Macon Electric Cooperative’s RLF program, please visit www.maconelectric.com/economic-development.