Redl - electric grant

The Department of Agriculture Rural Business Cooperative Services awarded Randolph Electric Membership Corp $300,000 on May 28, 2026, under the Rural Economic Development Loans and Grants program (CFDA 10.854). The recipient, a North Carolina-based electric cooperative, will establish and capitalize a revolving loan fund to distribute zero-interest financing to eligible rural businesses and economic development projects in its service territory. Grant-supported activities include project feasibility studies, business start-up costs, business incubator projects, and other economic development expenses to foster rural entrepreneurship and job creation in underserved communities. Performance extends through May 28, 2028, with place of performance in North Carolina. Randolph Electric serves as an intermediary financial institution, passing funds through to selected rural economic development projects as prescribed by the Rural Economic Development Loans and Grants program, which authorizes local utilities to distribute zero-interest loans to rural businesses through direct pass-through funding.