Wake Electric, a membership cooperative headquartered in Youngsville, recently awarded a $975,000 zero-interest loan to the Youngsville Volunteer Fire Department, allowing it to add a new fire truck to its fleet.
Captain Andrew Dudash said the new truck will greatly improve the ability of the department to fight fires in their district which has a number of commercial and industrial buildings and add to the capabilities when the department assists other departments.
It is a 300-gallon Pierce Arrow XT ladder truck with a 2,500 gallon per minute pump. “It’s a great specialized tool that we can use to get up above fires and into the rooflines. It will be an asset when we help other outside agencies.”
Wake Electric has a commitment to rural economic development in the seven counties it serves – parts of Durham, Franklin, Granville, Johnston, Nash and Wake. “We’re proud to provide this opportunity which improves life in the communities we serve,” said Fred Keller, manager of member services. “Wake Electric has a 75-year history of investing in the places we provide electricity. That’s the co-op way.”
Wake Electric awarded the fire department the loan through the U.S Department of Agriculture’s Rural Economic Development Loan and Grant program, which provides zero-interest loans and grants to electric cooperatives. Cooperatives then lend the money to local businesses to support rural development. The fire department will have to pay the loan back to Wake Electric. From there, the co-op will pay the money back to the USDA.
A portion of the funds loaned by Wake Electric, once repaid, will be added to a revolving loan fund, which will be re-loaned to assist with future rural economic development and job creation projects.
