Iowa Coop Receives REDLG Loan to Assist Local Business Expansion
Posted on Jan 29, 2021 in Financing, Project Development | Comments Off on Iowa Coop Receives REDLG Loan to Assist Local Business Expansion
Pella Cooperative Electric Association, an Iowa electric cooperative, and Co-Line Welding, Inc. successfully secured a $1 million loan through the United States Department of Agriculture (USDA) Rural Economic Development Loan and Grant (REDLG) program to assist with a $6,675,000 building expansion for Co-Line, a metal fabrication and manufacturing business and a member of Pella Cooperative Electric Association. The REDLG program provides zero-interest loans to rural utility providers, such as Pella Cooperative Electric, that in turn re-lend the money at zero interest to businesses within their communities.
