Source:  USDA, 8/30/10

Agriculture Secretary Tom Vilsack today announced that 37 rural utilities and cooperatives in 20 states have been selected to receive guaranteed loans that will benefit more than 60,000 rural electric cooperative consumers by financing the construction and repair of almost 7,000 miles of distribution and transmissions lines.

"USDA is investing in electric infrastructure improvements to provide reliable and affordable power to homes and business in rural America," Vilsack said. "These guaranteed loans will enable cooperatives to deliver better service to rural customers."

The $1.2 billion in funding is being awarded through USDA Rural Development's Electric Program. This program provides loans and guaranteed loans to electric utilities to upgrade, expand, maintain, and replace rural America's electric infrastructure. The Electric Program also helps fund energy conservation and renewable energy system projects.

North Carolina
• Pee Dee Electric Membership Corporation has been selected for an $11,000,000 guaranteed loan to serve 1,654 new and existing consumers, build 125 miles of new distribution line, make improvements to 42 miles of distribution line, and make other system improvements.
• Brunswick Electric Membership Corporation has been selected for a $16,000,000 guaranteed loan to serve 3,007 existing consumers, build 113 miles of new distribution line, and make other system improvements.
• Randolph Electric Membership Corporation has been selected to receive a $25,000,000 guaranteed loan to serve 1,743 new and existing consumers, build 113 miles of new distribution line and nine miles of transmission lines and make improvements to 194 miles of distribution line.

USDA, through its Rural Development mission area, administers and manages more than 40 housing, business and community infrastructure and facility programs through a national network of 6,100 employees located in the nation's capital and 500 state and local offices. These programs are designed to improve the economic stability of rural communities, businesses, residents, farmers and ranchers and improve the quality of life in rural America. Rural Development has an existing portfolio of nearly $142 billion in guaranteed loans and guaranteed loan guarantees.