FEM Electric Loans
Category: FEM Electric, Healthcare
Eureka Hospital Receives Loan from FEM Electric Association’s REED Fund
The Eureka Hospital was recently awarded financing in August of 2018 when FEM Electric issued a Rural Electric Economic Development, or REED, loan and a USDA REDG loan to the Eureka Hospital for equipment to expand the services provided to members in the small community and surrounding area. The Eureka Hospital is a 6-bed Critical Access Hospital and the only acute care facility in McPherson, County and serves north central South Dakota with top quality health services, as part of the Avera Health System. With this expansion, Avera’s innovative eCARE telemedicine services are also available.
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.
Scott Moore says that providing funding to the Eureka Hospital is a great opportunity to 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.”
Approximately 81 percent of REED’s lending is established in communities of less than 4,000 people and 98 percent of REED-financed projects have local ownership.
“One of FEM Electric’s core principles is Commitment to Community and the REED Fund is a good example of how we support local economic development,” says Moore.
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 Association at 605-426-6891 for an application or REED at (605) 256-8015 for more information.