Rural Electric Economic Development, Inc. (REED)
Rural Electric Economic Development, Inc. (REED) was incorporated in September of 1998 as a non-profit revolving loan fund. REED was created to provide financing and help leverage private investment in communities and rural areas to make a difference in our region. Governed by its members, non-profit rural utilities, REED receives administrative services from East River Electric Power Cooperative. The REED model is unique. No other consortium of cooperatives has to date "pooled" resources in a similar manner for the purposes of economic development financing. Since March 1996, the fund has grown from a consortium of six cooperatives and East River with a $2 million fund, to it's current status of seventeen members governing over $11 million in funds. A 15-member board of directors governs REED and all lending decisions involve the REED members' board of directors as well.
One hundred and ninety loans at zero percent interest, for a total of over $41.8 million, have been made by REED's members with funding provided by USDA Rural Development. It is these loans, made to non-profit projects and public bodies, that enable REED's development. These projects have made a total capital investment of over $308 million and created or retained 6,015 jobs. Repayments from these loans revolve into the REED fund to enable continued lending to a wide variety of projects.
To learn more about REED, please visit http://www.eastriver.coop/programs/reed/