Carroll Electric Cooperative Corp. receives $432 million loan from USDA for line, grid upgrades

U.S. Department of Agriculture (USDA) Secretary Tom Vilsack announced Tuesday (Dec. 10) that the USDA is investing $6.3 billion through a series of low-interest loans in rural and Tribal communities across 44 states to expand access to reliable energy and clean water.

The Carroll Electric Cooperative Corp. will receive a $432 million low-interest loan from USDA to build and improve nearly 900 miles of line, connecting more than 10,000 consumers. Nearly $11 million in funding will be used for smart grid technologies.

The Electric Infrastructure Loan and Loan Guarantee Program makes insured loans and loan guarantees to nonprofit and cooperative associations, public bodies, and other utilities.

“As a Rural Utility Service (RUS) borrower, Carroll Electric is able to make long-term investments in its utility infrastructure through low-interest rate loans offered through USDA. Overall, the Electric Infrastructure Loan and Loan Guarantee Program enables Carroll Electric to finance essential projects that will improve and sustain the reliable delivery of electricity and maintain affordable rates in Northwest Arkansas and Southwest Missouri.

“The $432 million RUS loan is directly tied to the Cooperative’s short-term work plan of projects that the company intends to complete over the next four to six years,” said Cory Smith, vice president of corporate relations for Carroll Electric Cooperative Corp.

More than 200 projects are being financed nationwide to strengthen the country’s infrastructure in rural places, according to USDA.

“The Biden-Harris Administration invests in rural America, because we know strong communities are rooted in their people,” said Secretary Vilsack. “These investments will build modern infrastructure that will attract employers to the nation’s smallest towns and most remote communities, creating jobs, vibrant Main Streets, and lasting economic growth for the people who live there.”