Category: H-D Electric, Multi-Family Housing
Prairie Properties, LLC Receives Loan from H-D Electric Cooperative’s REED Fund
H-D Electric Cooperative recently issued a Rural Electric Economic Development (REED) loan to Prairie Properties, LLC for the construction of a ten-plex apartment building in Lake Norden, SD.
H-D Electric Cooperative utilizes the REED Fund to partner with local banks, other loan funds, and state and federal agencies to finance community and economic development projects. The REED Fund provides gap financing to new and expanding businesses that create jobs. The REED Fund also helps local communities finance improvements to local facilities, services and infrastructure.
Matt Hotzler, H-D Electric General Manager, believes funding for Prairie Properties is a great opportunity to positively impact the community.
“In today’s economy, employment and economic development continues to be challenging. Providing financial assistance through the REED Fund is very gratifying for us because we know we are making a difference in our small communities and rural areas.”
Approximately 81 percent of lending from the REED Fund is invested in communities of less than 4,000 people and 98 percent of REED-financed projects have local ownership.
“One of H-D Electric’s core principles is Commitment to Community and the REED Fund is a good example of how we support local economic development,” Hotzler said.
New and expanding businesses or communities in need of financing for facilities or services should contact H-D Electric Cooperative at 605-874-2171 for a loan application. Organizations can also contact the REED Fund at (605) 256-8015 or find more information at www.reedfund.coop.