PAULDING COUNTY, Ohio. (WOWO): The Paulding Putnam Electric Co-op (PPEC) is making a move to try and spur economic development.
The Paulding Putnam Board of Trustees has created a Revolving Loan Fund. According to a press release issued by Erika Willitzer, the Marketing & Economic Development Manager for PPEC, the goal is to encourage and foster area economic development within the PPEC service territory. The PPEC Board committed to putting $60,000 into a fund, but now they're looking for potential projects.
Here's how the program works: The USDA would grant Paulding Putnam Electric the initial amount of $300,000 for the revolving loan fund, but that is only granted after a project is accepted. After the project is accepted, PPEC would lend the money at zero percent interest. Projects can only be submitted by government agencies or non profit entities like CIC's. The projects can range from being used for infrastructure to building a spec building for potential investors. Once the money starts being repaid, PPEC's Revolving Loan Fund Committee would then begin accepting applications to assist for-profit entities within the PPEC territory. They would do so by offering gap lending.
Willitzer explained how Mercer County's electric co-op Midwest Electric established an RLF, and they were able to loan money for infrastructure, which ultimately led to the city of Celina landing the Ferguson Distribution Plant. “This was a huge win for Mercer County and it all began with the local co-op lending a helping hand,” said Willitzer. “I don't see why Paulding Putnam Electric can't do the same for its territory and the communities it serves.”
CEO/General Manager of Paulding Putnam Electric is 100 % behind this fund and encourages government entities to discuss the possibilities of working with PPEC,“Communities within our service territory can benefit from zero interest financing through this program and not tie up their traditional financing avenues or use general funds. Additionally, down the road as the program matures, this Revolving Loan Fund can provide assistance to area businesses that are looking to expand and may need additional low cost funding as part of their larger financing needs,” stated Carter.
Paulding Putnam Electric serves more than 12,900 members-owners in Paulding, Putnam, Defiance, Van Wert and Allen counties in Ohio and Adams and Allen counties in Indiana. If you have a project or you simply want to obtain more information, call 1-800-686-2357 or email firstname.lastname@example.org.