Hoeven Announces $57 Million in Loans for Rural Electric Infrastructure
WASHINGTON – Senator John Hoeven, who serves on the U.S. Senate Appropriations and Agriculture Committees, today announced that the U.S. Department of Agriculture (USDA) has awarded a loan of $30 million to the North Central Electric Cooperative and a $27 million loan to Burke-Divide Electric Cooperative.
“It’s important for us to invest in infrastructure that will meet the needs of our growing state,” Hoeven said. “Today’s loans for the North Central Electric Cooperative and the Burke-Divide Electric Cooperative will help to ensure that rural families in North Dakota have reliable, affordable electricity to power their homes and businesses.”
The funds are made available through the USDA’s Electric Infrastructure Loan & Loan Guarantee Program, which makes insured loans and loan guarantees to cooperative associations and nonprofits, public bodies and other utilities. Electric Infrastructure Loan Programs provide investment capital in the form of loan-guarantees and loans for the maintenance and improvement of electrical infrastructure in areas where commercial capital is not available.
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