Oahe Electric Loans
Category: Oahe, Agriculture, Cooperatives
Oahe Electric’s loan fund, the REED Fund, has issued loans to Pierre Economic Development Corporation (PEDCO) and South Dakota Pulse Processors, LLC (SDPP) to construct a building and purchase equipment to operate a pulse processing plant in Harrold, SD. The REED Fund partnered with the State of South Dakota to finance the construction of the PEDCO building to be leased to SDPP. REED also partnered with a local bank to assist SDPP with the purchase of pulse processing, handling and storage equipment. SDPP Harrold Facility is one of the most advanced and capable seed facilities in a multi-state area with the ability to handle wheat, garbanzo bean and other seeds in addition to peas and lentils.
Working closely with local banks, other loan funds, state and federal agencies to finance community and economic development projects, Oahe Electric provides gap financing through REED to help businesses start or expand, create jobs and help communities improve facilities, services and infrastructure.
Oahe Electric Coop Manager, Rodney Haag, says that providing funding to PEDCO and SDPP is a great opportunity to positively impact the lives of many and promote our agriculture industry in South Dakota. “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 82 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 Oahe Electric’s core principles is Commitment to Community and the REED Fund is a good example of how we support local economic development,” says Haag.