Heat Loans
Consumers can apply for a 5% interest loan up to $10,000 for equipment and installation of an electric heat system. This includes heat pumps which provide the benefits of heat and air conditioning all in one unit. Call FEM Electric at 800.587.5880 for more information.
Value Added Investment
FEM Electric offers a Value Added Equity Loan Program. The program was created to help members invest in any qualifying producer-owned cooperative (co-ops that process raw agricultural commodities into finished products for retail or wholesale use). Any current or former FEM Electric member with allocated capital credits can borrow up to half of their balance (maximum of $5,000) at zero interest to invest in producer-owned cooperatives.
Business & Community Loans
FEM Electric provides asssistance to area community development groups in the communities we serve. FEM Electric also provides assistance to individuals through our Rural Electric Economic Development (REED) loan fund. Many communities in our service territory have received funds. Faulkton Development Corporation has received funds for an athletic complex, community center and new jail, Ipswich Golf Club received funds to construct a 9-hole grass green golf course where a 9-hole sand green course existed, the Ipswich Volunteer Fire Department received funds for fire trucks, Lien Funeral Home received funds to purchase the Miller Funeral Home in Bowdle. Bowdle also received funds to construct a new healthcare hospital, as well as Eureka receiving funds to build a new community benevolent hospital.
Rural Electric Economic Developmment, Inc. (REED)
Rural Electric Economic Development, Inc. (REED) Fund provides business and community project financing in partnership with commercial and other economic development lenders to leverage private investment and make a difference in the region it serves.
Established in 1996 and governed by East River Electric Cooperative and its member electric distribution cooperatives, REED assists projects that promote growth and contribute to job, business and wealth creation, as well as improve the infrastructure, community facilities/services and economic base of rural areas.
REED makes loans to for-profit businesses, not-for-profit organizations and local governments. Projects include, but are not limited to:
- Small and medium sized business and cooperatives engaged in manufacturing, retail, service and tourism industries
- Community projects relating to water/wastewater, healthcare, education, telecommunications, public safety, recreation and the arts
- Producer owned business and cooperatives that add value to agriculture
- Multi-family rental housing with strong community support
- Efficient use of energy is encouraged for all projects and is also an eligible activity
- Applicants do not need to be a member/consumer of a rural electric cooperative to apply
REED demonstrates the cooperative principles of commitment to community and cooperative among cooperatives in a meaningful way that adds value to the region.