Halifax EMC Provides Zero-Interest Loan to Inez Volunteer Fire Department for Purchase of New Truck
The Inez Volunteer Fire Department located in Warren County recently received a 10-year, $280,000 zero-interest loan from Halifax EMC to purchase a new customized 2019 Freightliner 2000 Gallon Wetside Tanker Truck.
The funds were made possible primarily by a $233,300 grant from the U.S. Department of Agriculture’s Rural Economic Development Loan and Grant (REDLG) program awarded to Halifax EMC for its Community Revolving Loan Program. Through the REDLG program, the USDA provides zero-interest funds to local electric cooperatives who in turn lend the money to local entities for projects that support rural areas.
This is the fifth zero-interest USDA loan secured by Halifax EMC to be utilized within Halifax and Warren counties. As these funds are repaid, they will be available to re-loan to assist with future projects in communities served by the co-op.
“Halifax EMC’s community loan program continues to grow thanks to REDLG funding, and we are proud to support another project benefiting emergency response,” Halifax EMC Executive Vice President Charles H. Guerry said. “The cooperative’s structure was created to support the community. This zero-interest loan program allows us to support our communities far beyond our electric service.”
North Carolina’s electric cooperatives continue to be a national leader in channeling REDLG funds from the USDA to rural communities. These zero-interest loans can be used to assist with various improvements including fire and rescue, police protection, public buildings and community facilities, and other economic development projects.