Lake Region Electric Cooperative offers a variety of resources to encourage growth of new and existing businesses.
Revolving Loan Fund
LREC applied to the USDA for an economic development grant on behalf of Essentia St. Mary’s for the new clinic in Pelican Rapids. The USDA awarded LREC a $300,000 grant, which will establish an economic development revolving loan fund. The first loan will be to Essentia St. Mary’s. LREC is required to contribute a 20 percent match of $60,000. The total $360,000 will be loaned to Essentia St. Mary’s for the new clinic. The loan is a zero percent interest rate amortized over 10 years.
As the $360,000 is paid back to LREC, the dollars go into the revolving loan that will be loaned to future economic development projects that create jobs and stimulate the economy.
Economic Development Tool
Economic Development Portal is Lake Region Electric Cooperative’s economic development tool to assist existing businesses and help attract new companies to the cooperative’s service area. The website provides information and assistance to area businesses, as well as companies looking for new locations.
“LREC has a strong record of working with our business members, and this tool is an extension of our relationship with the business community. Our service area boasts high quality workers, reliable electric infrastructure at competitive rates, and the partnership that comes with being a member of an electric cooperative. This tool helps LREC say ‘we’re open for business’,” explains Tim Thompson, CEO.
The tool includes:
- Loan and financing program details
- Local demographic and employment information
- Available sites, industrial parks, and associated infrastructure
- Utility information
- Other key information for site selectors and economic developers
The website was designed with wholesale electric cooperative Great River Energy and economic development team Golden Shovel Agency. The companies have partnered to develop websites for electric cooperatives and other economic development agencies in the region.