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News & Press: Member Co-op News

Peoples Energy provides gap financing to day care centers in their service territory

Monday, July 30, 2018   (0 Comments)
Posted by: Shari Wormwood
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Members and business owners of Peoples Electric Cooperative have qualified for a low interest loan opportunity to open two needed childcare centers. Sprouts Childcare and Early Childhood Education Center in Stewartville broke ground for a new building on May 14 and will open this fall. Little Eagles Childcare Center in Eyota opened their doors on June 4 with the capacity to offer quality care for up to 96 infants and children.

This need in these communities was met with financing through the Peoples Energy Cooperative’s economic development revolving loan fund program. This fund was established through a grant from the USDA’s Rural Economic Development Loan and Grant Program in 1997. As loans are paid back, other businesses have the opportunity to borrow from the fund. The USDA understands the principles of electric cooperatives and specifically principle seven, concern for community: 

While focusing on member needs, cooperatives work for the sustainable development of their communities through policies accepted by their members.

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