24 Aug 2020
Lesterville Fire and Rescue was recently awarded financing when Bon Homme Yankton Electric issued a Rural Electric Economic Development, or REED, loan to Lesterville Fire and Rescue for a building addition and purchase of air packs for the local volunteer fire department.
Lesterville Fire and Rescue has been providing fire protection and public safety services for the area for years. Stephanie Horst, Bon Homme Yankton Electric manager, says that providing funding to the Lesterville Fire and Rescue organization through the REED Fund is a an opportunity to positively impact the lives of many.
Working closely with local banks, other loan funds, state and federal agencies to finance community and economic development projects, Bon Homme Yankton Electric provides gap financing through REED to help a business start or expand, create jobs and help communities improve facilities, services and infrastructure.
Horst goes on to say, “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 Bon Homme Yankton Electric’s core principles is Commitment to Community and the REED Fund is a good example of how we support local economic development,” says Horst.
If you are planning a new business or looking to expand, or if your community needs financing for facilities or services, please contact Bon Homme Yankton Electric Association at (605) 463-2507 for an application or REED at (605) 256-8015 for more information.