2 E Main St Suite #101
Vermillion, SD 57069
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Category: Clay Union, Community
Vermillion Area Chamber & Development Company Receives Loan from Clay Union Electric’s REED Fund
The Vermillion Area Chamber & Development Company was awarded financing in December of 2019 when Clay Union Electric issued a Rural Electric Economic Development, or REED, loan to finance a state of the are storage facility which will be leased to the National Music Museum and to USD. Clay Union Electric partnered with CorTrust Bank of Vermillion on the financing package, including a $300,000 loan at 0% interest.
Working closely with local banks, other loan funds, state and federal agencies to finance community and economic development projects, Clay Union Electric’s REED Fund provides gap financing to help start and expand businesses, create jobs and help communities improve facilities, services and infrastructure.
Chris Larson, General Manager of Clay Union Electric, says that providing funding to the Vermillion Chamber & Development Company is a great opportunity to assist with streamlining a local organization in the community which can positively impact the lives of many. “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 small communities and rural areas.”
The storage facility which is just shy of 30,000 square feet, will be the main preservation center for the museum. The National Music Museum in Vermillion holds the largest collection of musical instruments in the world. The museum is home to over 15,000 instruments and gets over 13,000 visitors per year.
Approximately 81 percent of REED’s lending is established in communities of less than 5,000 people and 98 percent of REED-financed projects have local ownership.
“One of Clay Union Electric’s core principles is Commitment to Community and the REED Fund is a good example of how we support local economic development,” says Larson.
If you are planning a new business or looking to expand, or if your community needs financing for facilities or services, please contact Clay Union Electric Cooperative at 605-624-2673 for an application or REED at 605 256-8015 for more information.