WASHINGTON, D. C. -- Chuck Grassley said today that the U.S. Department of Agriculture, Office of Rural Development is awarding a $7,568,000 loan guarantee to Chariton Valley Electric Cooperative in Albia through the Electric Guaranteed Loan program.
“This investment in rural America’s utilities and cooperatives should help improve service to rural customers,” Grassley said.
Chariton Valley Electric Cooperative will use the loan guarantee to help serve 320 new consumers, build 30 miles of new distribution lines, make improvements to 41 miles of distribution lines, and make other system improvements.
The Electric Guaranteed Loan program assists rural areas in the financing of construction of electric distribution, transmission, and generation facilities, including system improvements and replacement required to furnish and improve electric service, as well as demand side management, energy conservation programs and on-grid renewable energy systems.
Each year, thousands of local Iowa organizations, colleges and universities, individuals and state agencies apply for competitive grants and loans from the federal government. The funding is then awarded based on each local organization or individual’s ability to meet criteria set by the federal entity.
Editor's Note: Apparently none of the incumbent/career politicians in Washington get it, being in the loan business is not a proper role of government and this country simply cannot afford anymore of this kind of spending and 'government will provide' mentality. It's unsustainable! The Department of Agriculture should NOT be handing out competitive grant awards like a knight giving table scraps to a serf! Cities and states should NOT be spending taxpayer money, time and resources on developing proposals to ask for money that should be staying in the communities it came from! This country is going bankrupt and Grassley is proudly announcing handouts! That's a liberal thing to do! Bringing home the bacon is a PROBLEM, not a solution................. And what do you bet that this Chariton Valley Electric Cooperative outfit promised it's users that it would be self-sufficient? Our Founding Fathers are rolling over in their graves.
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