Access Energy Cooperative was awarded funding for a grant project and a loan project through the USDA Rural Development Loan and Grant Program to support the construction of a speculative building in Mt. Pleasant and an expansion to the Cambridge Investment Group campus in Fairfield.
As part of our ongoing commitment to community, Access Energy Cooperative works very closely with area chambers of commerce and economic development agencies to improve the quality of life in our communities. With the approval of the USDA Grant to Access Energy Cooperative, the Henry County Industrial Development Corporation will borrow funding from Access Energy Cooperative for the development of a third speculative building to be erected in the Crossroads Industrial Park in Mt. Pleasant, Iowa.
As the building is completed and sold, the loan will be repaid to the cooperative and the funds will become part of the Access Energy Cooperative Revolving Loan Fund. Your cooperative will then be able to use these dollars to loan out to other economic development projects.
“Access Energy Cooperative is very proud of our tradition of supporting economic development in southeast Iowa,” says Bob Swindell, General Manager and CEO of the cooperative. “With the addition of this 2008 Grant, Access Energy Cooperative will have $1 Million in our Revolving Loan Fund. This is a very beneficial tool we can use to continue with this tradition.”
Access Energy Cooperative also received an award of a $740,000 loan for the Cambridge Investment Group, who has plans for expansion of their existing business near Fairfield. Cambridge has grown from a small business to a very successful organization and has created over 300 new jobs for the community. With this expansion project, they plan to create even more jobs in their new building.