Access $1.2M to Henry County Community Projects
The Henry County Health Center and the Wayland Economic Development Corporation each received financial assistance through Access Energy Cooperative, as loan closing took place at the Access Energy Cooperative facilities.
Access Energy Cooperative loaned $855,000 to the Henry Country Health Center through a USDA $300,000 Rural Economic Development grant and $495,000 Rural Economic Development pass-thru loan. Funds from the $300,000 grant were added to Access Energy Cooperative’s existing Revolving Loan Fund and used to provide $360,000 in financing for the Henry County Health Center to purchase equipment for the surgical and outpatient departments, in addition to the $495,000 pass-thru loan Access Energy secured for the hospital. The project will create three jobs and help retain 300 existing jobs.
Access Energy Cooperative received a second $300,000 Rural Economic Development grant and added to their existing Revolving Loan fund, from which $360,000 was loaned to assist the Wayland Economic Development Corporation with land purchase for a new industrial park in Wayland, Iowa.
The funds are being provided through USDA Rural Development’s Rural Economic Development Loan and Grant program. Under the program, Rural Development provides loans and grants to rural utilities, usually rural telephone or electrical cooperatives, which in turn provide loans to rural businesses and communities in their service areas.