Northern Electric Loans
Category: Northern, Business, Community
Frederick Development Corp. receives $300,000 loan through Northern Electric Cooperative and the REED Fund
FREDERICK — The Frederick Development Corporation has constructed a unmanned refueling station in the northern Brown County community of Frederick thanks in part to loans from Northern Electric Cooperative’s Rural Electric Economic Development (REED) Fund, Northeast South Dakota Economic Development Corporation (NESDEC) and North East Council of Governments (NECOG). The Frederick Development Corporation received a $300,000 loan through the REED Fund and additional funds from NESDEC and NECOG to build the facility so local residents have a place to purchase fuel.
The town of Frederick had been without a gas station for several years. Residents had to plan their gas purchases when near when near other facilities. Visitors to the community for school events, hunting or business had to travel to Aberdeen or Ellendale, SD to fill up. The refueling facility will be leased to North Central Farmers Elevator to operate. The loans were closed March 21, 2017.
“We’re proud to be able to help the Frederick Development Corporation provide needed services locally,” said Char Hager, CEO/General Manager of Northern Electric Cooperative. “We’re committed to growing our rural communities, and we’re happy to be a part of this exciting opportunity to make a difference in rural South Dakota.”