Sioux Valley Energy LoansMedgene Labs
Category: Sioux Valley Energy, Business
Sioux Valley Energy’s REED fund loans money to Medgene Labs
Colman, S.D. – Sioux Valley Energy provided a loan to Medgene Labs through its Rural Electric Economic Development (REED) loan fund to finance facility and equipment.
Based in Brookings, South Dakota, Medgene Labs is an Immunological Services ProviderTM to leading livestock integrators. The Company is developing new vaccines to improve herd health and reduce the threat of emerging diseases. Given the increase in global disease transmission, conventional vaccination programs and products have become ineffective in protecting livestock herds from emerging genetic mutations of known viruses, such as swine influenza virus, and emerging viruses, such as porcine epidemic diarrhea virus. Medgene Labs is helping integrators solve this challenge, and this investment in facilities and equipment will help accelerate the company’s mission.
“The REED fund has been an important partner to our research and development business since our inception,” stated Mark Luecke, Managing Director and CEO. “Today, they have extended our partnership at a critical time for our company as we expand from research and development to commercial production. REED’s funding made this transaction possible, and truly represents a success story for rural businesses and value-added agriculture.”
Tim McCarthy, Sioux Valley Energy General Manager/CEO, says, “Employment and economic development continues to be challenging in today’s economy. That is why the REED fund is so important for communities and rural areas—we are happy that the loan will help Medgene Labs continue working with our ag economy.”
Through the REED fund, Sioux Valley Energy is able to provide gap financing to improve community infrastructure, facilities and services as well as help businesses develop or expand.
Nearly 81 percent of REED’s lending goes to communities with populations of less than 4,000 people and the majority of the projects have local ownership.
“One of our core principles is Commitment to Community and the REED fund is the perfect example of how we support local economic development,” McCarthy added.
If you are planning to build or expand a new/existing business or if your community needs assistance financing infrastructure or services, contact Betty VanDerWerff at Sioux Valley Energy (800-234-1960).
Sioux Valley Energy, a Touchstone Energy Cooperative, is a member owned-utility, providing reliable electric service at cost-based rates to over 25,000 homes, farms, businesses and industries in a seven-county area of east-central South Dakota and southwest Minnesota.
The REED Fund was organized in 1996 by the member systems of East River Electric Power Cooperative. Initially financed with $2 million in lending capital, the REED Fund has grown to a total capital of more than $45 million today.