Northern Electric provides assistance to area community development groups in the communities we serve including Grow Spink and the Aberdeen Development Corporation. Northern Electric also provides assistance to individuals through our Rural Electric Economic Development loan fund.
Rural Electric Economic Development, Inc. (REED) Fund:
Organized in 1996, the Rural Electric Economic Development, Inc. (REED) Fund is a private-non-profit corporation governed by electric cooperatives serving eastern South Dakota and western Minnesota. Northern Electric is an active participant in REED. Its primary mission is to provide financing and help leverage private investment in small communities and rural areas needed to keep the rural economy viable and improve quality of life in the region. To accomplish its mission REED makes loans that support job creation, job retention, self-employment and community capacity building activities throughout the 36,000 square miles it serves.
It Begins With A Vision:
You bring the idea, REED will help in bringing it to life. This fund helps leverage private investment that will benefit small communities and rural areas. REED succeeds because member cooperatives believe. They have the vision and active involvement in their region's economic development initiatives. Cooperatives, like Northern Electric, want the communities they serve to grow. REED Member cooperatives use a federated approach to managing their financing activities. Electric cooperatives in this region have a strong history of collaboration and the REED fund is positive proof that cooperation works.
The fund's general goal is to participate in projects that will create rural economic growth, lead to permanent jobs in rural areas and small towns, improve rural development capacity and stimulate electric sales for East River member systems. Eligible projects include private business development; business retention and expansion; community facilities and infrastructure development; and producer-owned businesses, which add value to agriculture products.
For information on economic development activities in the State of South Dakota visit the Governor's Office of Economic Development site.