Project Grant CLSS00000118477

Cape Hatteras Electric Membership Corporation (doing business as Cape Hatteras EMC) received a $201,738 Project Grant award on May 14, 2026, under the Rural Economic Development Loans and Grants (REDLG) program (CFDA 10.854), administered by the U.S. Department of Agriculture Rural Housing Service through Rural Business Cooperative Services. The grant, with a completion date of May 14, 2028, supports Cape Hatteras EMC's role as an intermediary utility organization in financing rural economic development initiatives throughout North Carolina.

Under this award, Cape Hatteras EMC utilizes the zero-interest financing mechanism to pass funds through to eligible rural businesses and development projects within its service territory. Eligible funding activities supported through this grant include project feasibility studies, business start-up costs, business incubator projects, and other reasonable expenses designed to foster rural entrepreneurship, economic growth, and job creation in underserved communities. As a not-for-profit electric cooperative, Cape Hatteras EMC leverages this federal funding to establish or maintain a revolving loan fund that provides capital access to rural businesses and development projects that may otherwise lack conventional financing opportunities.