Thirty-seven rural utilities and cooperatives in 20 states have been selected to receive guaranteed loans that will benefit more than 60,000 rural electric cooperative consumers. These loans will finance the construction and repair of almost 7,000 miles of distribution and transmissions lines. The $1.2 billion in funding is being awarded through USDA Rural Development's Electric Program.
This program provides loans and guaranteed loans to electric utilities to upgrade, expand, maintain, and replace rural America's electric infrastructure. The Electric Program also helps fund energy conservation and renewable energy system projects. Funding of each recipient is contingent upon their meeting the conditions of the guaranteed loan agreement.