The board of directors for Great River Energy member-owner cooperative East Central Energy (ECE) approved four new Revolving Loan Fund (RLF) loans in 2024, providing $730,000 in financing to support a variety of economic development and business expansion projects in east central Minnesota.
From food processing to fire trucks, this RLF — supported by the United States Department of Agriculture (USDA) Rural Economic Development Loan & Grant program — is having a big impact in sustaining the 67,000 homes, farms and businesses across 14 counties served by ECE.
Recipients of the 2024 RLF funding include:
- Milaca Meats, a new retail meat market and processing facility led by local entrepreneurs, received funding for its 10,000-square-foot facility that is now under construction. The company plans to offer meat processing, wholesale meat sales and a retail destination for locals and visitors to the area. This project is expected to create 20 new jobs in Milaca.
- The city of Milaca will use its RLF support to prepare 13.5 acres for development along Highway 169.
- Minpack, a Pine City manufacturer that has been an ECE member-owner since 1968, invested in new equipment that will allow the company to become a leader in providing paper-based packaging for items traditionally packaged in plastic. Minpack is also investing in a new electric forklift to allow its material moving operations to function in a more efficient, environmentally friendly manner.
- The city of Pine City received a low-interest loan to support the refurbishment of a replacement tanker truck for its fire department. The increased capacity available with the replacement tanker will better equip the fire department to respond to emergency situations across Pine City and neighboring communities.
Visit Great River Energy’s economic development website for more information about this assistance program.
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