Singing River Electric supports economic development in the communities it serves in two ways:
- Building infrastructure necessary to reliably support business and industry needs today and tomorrow.
- Working aggressively to match prospective economic development projects with U.S. Department of Agriculture rural development loans and grants.
USDA Rural Development Loans
The purpose of the U.S. Department of Agriculture Rural Economic Development (RED) Loan and Grant program is to leverage private and other public funding to expand the economic base of rural communities. Under the RED loan program, USDA provides 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.
As designated rural communities, these recipient counties were among those eligible to benefit from the federal funding:
- George County Board of Supervisors received a $1.3 million USDA RED loan to purchase property at the local industrial park to house a renewable energy project.
- George Regional Health System’s loan purchased a new state of the art Digital Mammography Unit, which allowed the hospital to better address breast cancer screenings and diagnosis. A new vascular/echo ultrasound unit enabled the hospital to better diagnose and treat vascular and heart disease. Hospital efficiencies and patient care were improved with the purchases of a Picture Archiving and Communication System (PACS) and a Nano Computed Radiography (CR) System. These pieces allowed the hospital to convert all radiology studies to digital information and allow for digital storage.
- Greene County benefited as a $370,000 USDA RED loan paid for much needed renovations to the Greene Rural Health Center and a $1.1 million RED loan helped construct a 15,800 square foot Jones County Junior College Learning Center adjacent to the Greene County Vo-Tech facility.
- Jackson County’s Mississippi Export Railroad received a $740,000 RED loan to help construct a new 40,000 square foot bulk storage warehouse facility at the Helena Industrial Park.
These are just a few of all the recipients Singing River Electric has helped receive zero and low interest loans. For more information about USDA Rural Economic Development Loans and Grants, contact Manager of Business Operations Nick DeAngelo at email@example.com.
SRE Revolving Loan Program
As a result of many years of successful local economic development projects through the Rural Economic Development Grant program, Singing River Electric has another funding mechanism to support local government and municipalities’ economic development projects, the Singing River Electric Revolving Loan Program.
The Revolving Loan Program is not meant to compete with local lending institutions, rather the intent is to stimulate private investments and complement local lenders for the creation of jobs and wealth for the rural areas of our region. Projects considered for this program must create or retain employment or provide needed community facilities and services. These types of projects include industrial/commercial development, community infrastructure, community facilities, medical facilities, and training/educational facilities.
Applications will be received and reviewed during designated funding round time periods, which typically occur semi-annually. For more information on the Revolving Loan Fund or the Rural Development Loans, contact SRE Manager of Business Operations Nick DeAngelo at 601-947-4211 ext. 2349.
Cooperative Energy Economic Development
Cooperative Energy, Singing River Electric’s generation provider, is committed to economic development as an important way of improving the communities we serve. Their team of economic developers are dedicated to growing the economy by attracting new investment, supporting local industries, and advocating job growth.