MCEC helps local business
Thanks to assistance from Monroe County Electric Cooperative (MCEC) and the USDA Rural Economic Development Loan and Grant (REDLG) program, the Maeys Creek Pumping District (MCPD) will be able to purchase much needed equipment.
The $103,000 zero-interest loan will help finance soft start equipment for the pumping district’s three 900 horsepower pump motors. The new devices will reduce the high electric demand that motors generate when first turned on. The reduction in demand should save the district significant power cost dollars.
A REDLG loan begins as a grant to the cooperative which then loans it to rural non-profits and businesses it serves. The revolving loan fund is available for qualifying projects that promote rural economic development or aid rural non-profit organizations.
“Investing in the rural communities Monroe County Electric Cooperative serves is at the core of why electric cooperatives were formed some 80 years ago,” said MCEC President/CEO Alan Wattles. “This continues to be a cornerstone of the rural cooperative movement, whether through direct resource allocation or opportunities to partner, as in the case with the REDLG program.”