The U.S. Department of Agriculture (USDA) has awarded a $300,000 grant to as part of its Rural Economic Development Loan and Grant (REDLG) program. REDLG provides funding to rural projects through local utility organizations.
With its REDLG grant, Midwest Electric will provide a low-interest loan to Mercer County to finance water, sewer, and road infrastructure for an 80-acre expansion of the Marion Township Industrial Park in Maria Stein. As Mercer County repays the loan, the money will go into a revolving loan fund, allowing Midwest Electric to make additional loans to other organizations and businesses.
"We thank USDA for administering the REDLG program and Congress for continuing to support it," said Matt Berry, CEO of Midwest Electric. "REDLG is an example of a public-private partnership that provides immediate results, and sets up our communities for long-term economic success."
This is the fourth REDLG grant that USDA has awarded Midwest Electric, totaling more than $1.03 million. Combined, these grants have allowed Midwest Electric to award $2.5 million in low-interest loans, helping maintain or create 700 area jobs.
