Singing River Electric accelerates economic development in Jackson County with $2.36 million zero-interest loan to Mississippi Export Railroad
Singing River Electric facilitated a $2.36 million United States Department of Agriculture (USDA) Rural Economic Development zero-interest loan for Mississippi Export Railroad. The short-line railroad, which operates in Singing River Electric’s service area, will use the loan to build a railcar repair shop at the Helena Industrial Park in Moss Point, Miss.
“This is the largest zero-interest loan awarded on behalf of Singing River Electric since first participating in the rural economic development loan program in 2001,” said Brian Hughey, General Manager and CEO of Singing River Electric. “Mississippi Export Railroad is a worthy recipient as it expands its business and creates jobs in south Mississippi.”
According to Mississippi Export Railroad, up to 24 new full-time jobs are expected within the first five years of operation.
Singing River Electric awarded the funds in August 2023, and Mississippi Export Railroad announced the project at its Gold Spike groundbreaking ceremony on May 13.
Through the Rural Economic Development loan program, USDA provides zero-interest loans to local utilities which in turn pass through the loans to local businesses for projects that will create and retain employment in rural areas. The funding awarded to Mississippi Export Railroad includes a $2 million loan from the Rural Economic Development Loan and Grant fund and $360,000 from Singing River Electric’s Revolving Loan Fund, made up of grant funds that are re-lent for projects positively impacting Singing River Electric’s service area.