Rural economic development grant - electric farm bill

The Department of Agriculture Rural Business Cooperative Services awarded Randolph Electric Membership Corp $300,000 under the Rural Economic Development Loans and Grants program (CFDA 10.854) on April 16, 2026.

Randolph Electric, a North Carolina-based non-profit electric cooperative, receives the grant to establish and capitalize a revolving loan fund distributing zero-interest financing to eligible rural businesses and economic development projects within its central North Carolina service territory. Grant-supported activities include project feasibility studies, business start-up costs, business incubator projects, and other economic development expenses intended to foster rural entrepreneurship and job creation in underserved communities. The cooperative functions as an intermediary financial institution, passing through USDA funding to ultimate recipients in rural areas.

The award period runs from April 16, 2026 through April 16, 2028. Performance occurs in North Carolina. This is a recurring award under the program; Randolph Electric received prior grants in August 2021, June 2024, and March 2025 under the same CFDA, each in the $300,000 range.