Monroe County Hospital and Clinics in Albia, Iowa recently underwent a massive upgrade, including updates to the existing facility and a new addition. This project was completed in conjunction with Chariton Valley Electric Cooperative and Northeast Missouri Electric Power Cooperative through the USDA Rural Economic Development Loan and Grant (REDLG) program. Both cooperatives provided a $1.5 million dollar zero percent interest loan to assist with the costs for the hospital’s upgrade project.

The USDA awards funding quarterly for eligible projects through Rural Utilities Service borrowers, such as Chariton Valley and Northeast Power. A portion of the total three million dollars was given to each cooperative as a grant from the USDA, to be repaid into their respective revolving loan funds (RLFs).

Chariton Valley and Northeast Power operate their RLFs for the economic advancement and overall betterment of their service territories. These funds provide access to low interest financing for projects that the cooperatives can continually pump into their communities as they are repaid.

For more information on REDLG or RLFs, visit www.northeast-power.coop/economic-development.