Rep. Bruce Braley (IA-01) today applauded news that the Maquoketa Valley Rural Electric Cooperative and the Corn Belt Power Cooperative have been approved for over $59 million in guaranteed loans by the US Department of Agriculture.
The Maquoketa Valley Rural Electric Cooperative has been approved for a $3,250,000 loan that will be used to build and improve hundreds of miles of distribution lines across Iowa, including smart grid projects. The Corn Belt Power Cooperative has been approved for a $55,788,000 loan that will allow the cooperative to begin generation system improvements, as well as environmental improvement projects.
"These loan guarantees will modernize and improve the electric grid, creating jobs now and helping to spur economic growth across rural Iowa in the future," Braley said. "Improving Iowa's infrastructure is a big job. Today's announcement will make this job possible, while at the same time creating opportunities for Iowans involved in upgrading the infrastructure across the state."
The guaranteed loans are backed by the Federal Financing Bank and approved by Rural Development, a division of the US Department of Agriculture.