Rural Development is making a loan to Tri-County Electric Cooperative that will help continue to deliver safe, reliable and affordable electricity to rural residents, business and institutions across Kentucky.
“The Rural Development partnerships with local cooperatives provide opportunities across the Commonwealth to improve infrastructure,” said Jeff Jones, acting state director in Kentucky. “Electric loans support state efforts to create jobs, support the rural economy, and provide access to new technology.”
USDA is making $20 million in loans to Tri-County Electric Cooperative to build or improve 166 miles of line and make other systems improvements in Kentucky and Tennessee. The Kentucky counties benefitting from the loan are Allen, Cumberland, Metcalfe, Monroe, Adair, Barren, Clinton and Warren.
The loans include $1.3 million to implement Smart Grid technology. Smart Grid increases the reliability of electric power by helping utilities better manage power needs and supply, and to improve operational efficiencies. It includes metering, substation automation, computer applications, two-way communications, geospatial information systems and other improvements.
The loans are being provided through the Electric Program of USDA’s Rural Utilities Service, the successor to the Rural Electrification Administration. The Electric Program makes loans and loan guarantees to non-profit and cooperative associations, public bodies and other utilities to help finance the construction of electric distribution and generation facilities in rural areas.
USDA Rural Development provides a variety of resources, including direct loans and loan guarantees to help rural families buy homes at rates they can afford. Through its direct lending program, USDA issues loans without down payments, forgoes certain fees and can finance up to 100 percent of the total closing cost.
USDA also offers loans and grants to elderly and very-low-income homeowners to remove health and safety hazards, perform necessary repairs, make homes accessible for people with disabilities, or make homes more energy efficient.
For further information on USDA Rural Development and programs offered, you can visit our website at https://www.rd.usda.gov/ky.