USDA grant to help fund Hampton Industrial Park expansion
Franklin Rural Electric Cooperative received a $300,000 grant from the USDA last week that will eventually pay for a new 30,000 square foot facility at the Hampton Industrial Park.
According to Karen Mitchell, Executive Director of the Franklin County Development Association (FCDA), the grant will be used to establish a revolving loan fund to help the FCDA construct the new building. She explained Franklin REC won't use the new industrial park facility, but the cooperative played an integral role in obtaining the USDA grant nonetheless.
"The REC applies for and is awarded the grant based upon the quality and viability of the project. There must be a project or they can't apply," Mitchell wrote in an email. "They then loan it out to us (FCDA) at 0 percent interest. As the REC is repaid they retain those funds to provide low interest loans to other business projects."
Read the full article in the January 29 edition of the Hampton Chronicle.