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Address: 1618 Broadway P.O. Box 66 Wheaton, MN 56296 USA

Phone Number: Toll-free phone: 800-927-5443 || Local phone: 320-563-8616

Hours: Monday-Friday, 8 a.m. - 4:30 p.m.

 

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REED Fund

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  1. Community
  2. REED Fund

Rural Electric Economic Development (REED) Fund

 

Main Street 6-456x442.jpeg

INVESTING TO MAINTAIN VIBRANT COMMUNITIES

The REED Fund is a nonprofit community development financial institution dedicated to lending and leveraging investment to improve the infrastructure and economic base in our region.

We offer loans to help promote growth and contribute to job, business and wealth creation.

BUSINESS/AGRIBUSINESS

REED financing for business and agribusiness supports development and expansion. Projects should contribute to employment and business ownership in:

  • Retail, service and manufacturing
  • Agricultural processing, marketing and support services
  • Business facilities, equipment and/or working capital
  • Facilities for lease to businesses
  • REED does not lend for crops or livestock

COMMUNITY DEVELOPMENT

REED loans contribute to the quality of life and services necessary for sustainable development in:

  • Healthcare, education, recreation and arts
  • Infrastructure, water, wastewater and telecommunications
  • Public safety and emergency services
  • Community facilities for public use

HOUSING DEVELOPMENT

Loans supporting housing development are available to both nonprofit and private developers for:

  • Multi-family rental housing
  • Single family homes for sale or rent
  • Improvement and renovation of properties for resale or rent
  • REED does not make home loans to owner occupants

Reed Fund Area Map-456x338.png

REED FINANCING GUIDELINES

We partner with commercial banks, nonprofits and government agencies to finance up to 50% of project costs. Loans cannot be solely for refinancing debt from other lenders.

APPLICANT GUIDELINES

Successful REED applicants:

  • Must be legal entities (sole proprietors, corporations, cooperatives, LLCs and/or units of government)

  • Submit a complete application with supporting materials

  • Can show that the project improves business development, job retention or creation, and/or tangible benefits to the community or region

  • Invest a minimum of 10% equity in cash or assets

  • Provide assurance of willingness and ability to repay the loan

Some additional conditions apply. Please contact us for more information.

A $100 application fee is due at submission. An origination fee and closing costs are deducted from proceeds when a loan is issued. Loans are generally for “take-out financing” at project completion.

It’s Easy to Apply

 Here’s how you can obtain an application:

  • Contact your local electric cooperative (see map)

  • Call one of the numbers listed below

  • Email reedinfo@eastriver.coop

  • Complete and submit the application request at www.reedfund.coop

Contact your local electric cooperative or the REED Fund if you have questions or need assistance to complete an application.

  • Phone: 605-256-4536

  • Phone: 605-356-3395

  • Fax: 605-256-8057

  • reedinfo@eastriver.coop

REED Logo -465x95.png

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Contact Info

Traverse Electric Cooperative
1618 Broadway
P.O. Box 66
Wheaton, MN 56296 USA

Hours: Monday-Friday, 8 a.m. - 4:30 p.m.
(Central Time Zone)

Toll-free phone: 800-927-5443
Local phone: 320-563-8616

This institution is an equal opportunity provider & employer

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©2023 Traverse Electric Cooperative. All Rights Reserved.

  • Home
  • Member Services
    • Budget Billing
    • Capital Credits
    • Distributed Generation
    • General Billing Information
    • Payments
    • Rebates
    • Service Rates
      • Cogeneration & Small Power Production
      • General Service - Single Phase
      • Heat Storage
      • Irrigation
      • 5/7 Interruptible Rate
      • Interruptible Heating Service
      • Multi-Phase Service & Large Single Phase
      • Railroad Rate
      • Renewable Energy Credit Rate
      • Report an Outage
      • Seasonal Service
      • Service Request
      • Small Commercial
      • Special Electric Heat Rate
  • Home and Business
    • AMI Metering
    • Electrical Inspectors
    • Electrician Services
    • Energy Assistance
    • Energy Calculator
    • Generators
    • Rebates and Incentives
    • Renewable Energy Program
    • Underground Utilities
    • Water Heaters
  • Cooperative
    • About Touchstone Energy
    • Board Meeting Highlights
    • Board Meetings
    • Board of Directors
    • Contact Us
    • Employment Opportunities
    • Monthly Newsletters
    • Service Territory
    • Staff
    • Touchstone Energy Savings
    • What is a Cooperative
    • Policies
      • Charges for Property Damage - Building Moves - Etc
      • Cold Weather
      • Consumer Credit Card Use
      • Energy Efficiency, Conservation and Generator Program
      • Energy Resources Conservation Loan Program
      • Glossary of Terms and Definitions
      • Identity Theft - Privacy Policy
      • Liability
      • Load Management
      • Nature and Quality of Service
      • Neutral-to-Earth Voltages
      • Safety, Reliability and Service Quality
      • Standard Rules, Regulations and Pricing
      • Statement of Nondiscrimination
  • Community
    • Announcements
    • Annual Meeting
    • District Meeting
    • Links
    • Recipes
    • REED Fund
    • Scholarship Information
    • Youth Tour
    • Outage Tools
      • Storm Center
    • Safety
      • Safety Checklist
      • Safety Quiz
  • Employee Intranet