Business LoansFirst District Development Company Receives Loan from Codington-Clark Electric Cooperative’s REED Fund
Category: Codington Clark Electric, Business, Cooperatives
Watertown – First District Development Company (FDDC) received a loan from Codington-Clark Electric Cooperative’s loan fund, the REED Fund, to finance the construction of a new office building. FDDC is a private, non-profit organization that fosters growth in South Dakota by providing economic development financing options to small businesses.
Codington-Clark Electric Cooperative (CCEC) has been providing loans to rural communities via its revolving loan fund since 2000. This financing has been instrumental in CCEC’s ongoing success in support of businesses and rural communities. Through REED and REDG, CCEC has invested $2.1 million in the region.
The REED Fund works closely with state and federal agencies, local banks and other loan funds to finance community and economic development projects. Codington-Clark Electric provides gap financing through REED to help business start-ups and expansions, create and retain jobs and assist communities with facilities, services and infrastructure needs.
Codington-Clark Electric’s General Manager, Dave Eide stated, “In today’s economy, employment and economic development continues to be challenging, so being able to assist through the REED Fund is very gratifying for us, knowing we are making a difference in our communities and rural areas. One of the electric cooperative’s core principles is Commitment to Community and the REED Fund is a good example of how we support local economic development.”
This institution is an equal opportunity provider and employer.