FEM Electric Loans
Category: FEM Electric, Agriculture, Cooperatives
FOR IMMEDIATE RELEASE:
July 24, 2015
Contact: Stephanie Horst, Director of Communications & Marketing
FEM Electric • 605-426-6891 • email@example.com
North Central Farmers Elevator Receives Loan from FEM Electric REED Fund
IPSWICH, S.D. — North Central Farmers Elevator (NCFE) has received a loan to expand its agronomy warehouse in Ipswich thanks to FEM Electric. The Ipswich-based electric cooperative issued a Rural Electric Economic Development (REED) Fund loan to NCFE and the loan was officially closed Friday, July 24. NCFE is a farmer-owned cooperative headquartered in Ipswich with locations throughout north central South Dakota and south central North Dakota. FEM Electric is a Touchstone Energy® Cooperative that serves rural member-owners in Faulk, Edmunds and McPherson counties.
The REED Fund load helped NCFE secure other financing to consolidate its seed chemical and liquid fertilizer operations to the Sun Terminal branch on the east side of Ipswich. The location is now one central agronomy warehouse. The expansion will help alleviate congestion at its terminals, increase the cooperative’s treating capacity and give them the ability to load trucks faster and more efficiently.
“Cooperation among cooperatives is one of our founding principles and I’m extremely pleased that we were able to help NCFE expand here in Ipswich,” said FEM Electric General Manager/CEO Scott Moore. “It’s very gratifying for us to be able to assist with economic development projects through the REED Fund because we know we’re making a difference in our small communities and rural areas.”
The REED Fund partnered with Dacotah Bank to assist NCFE with financing for the expansion.
“Projects like this show FEM Electric’s principle of commitment to community and working with the REED Fund is a good example of how FEM Electric and its members support local economic development,” Moore said.
Working closely with local banks, other loan funds, state and federal agencies to finance community and economic development projects, FEM Electric provides gap financing from REED to help business start and expand business, create jobs and help communities improve facilities, services and infrastructure. Approximately 88 percent of REED’s lending is established in communities of less than 4,000 people and 95 percent of REED-financed projects have local ownership.
If you are planning a new business or looking to expand, or if your community needs financing for facilities or services, please contact FEM Electric for an application or contact the REED Fund at (605) 256-8015 for more information. This institution is an equal opportunity employer and provider.