Today, the USDA announced its plans to provide $40,000,000 in loans through its Electric Loan Program to the Magnolia Electric Power Association. According to the USDA’s project description, the loan will be used “to make system improvements, including 303 miles of line and $4 million in smart grid technologies to increase system reliability.”
Congressman Michael Guest (MS-03) is hopeful that these funds will have a positive impact on Mississippi’s rural communities. “Access to reliable electricity is a cornerstone of rural development. I believe these funds will improve the lives of many Mississippians, help provide goods and services in our rural communities, and encourage economic growth in these areas,” Guest said.
Acting Assistant to the Secretary for Rural Development Joel Baxley detailed the importance of these investments. “Investing in our nation’s electric infrastructure powers our economy, creates jobs and helps deliver services such as education, training and health care to build stronger rural communities,” Baxley said. “These loans will help rural electric cooperatives generate and distribute power to keep systems reliable and affordable for those who live and work in rural areas.”
Please click here for more information on the USDA loan program.
Congressman Michael Guest Press Release