Davis County Hospital recently purchased a much-needed upgrade with a new CT Scanner acquired with partial funding from the United States Department of Agriculture (USDA) Rural Economic Development Loan and Grant (REDLG) program through Northeast Power. Northeast Power was awarded a grant from the USDA with the intent to pass the funds along to the Hospital in the form of a zero percent interest loan.
The USDA awards funding quarterly for eligible projects through Rural Utilities Service borrowers, such as Northeast Power. As part of the program, Northeast Power received a $300,000 grant. This money is coupled with a 20% required match from Northeast Power to provide capital to be repaid into its Revolving Loan Fund (RLF). Upon repayment by the hospital, Northeast Power will deposit the funds into its RLF.
As this loan is paid back to the cooperative, Northeast Power plans to continue to loan the money back out into the local communities using an application process and an RLF committee.