FOR IMMEDIATE RELEASE: August 9, 2012
SCHUMER, GILLIBRAND ANNOUNCE OVER $9 MILLION FEDERAL INVESTMENT FOR STEUBEN RURAL ELECTRIC COOPERATIVE, INC.
USDA Rural Development Award Funds Service to 318 Residents and Businesses
Senators: Funding Will Improve Quality of Life for Chautauqua, Cattaraugus, Schuyler and Steuben Residents
Today, U.S. Senators Charles E. Schumer and Kirsten Gillibrand announced that the Steuben Rural Electric Cooperative, Inc. has received a loan in the amount of $9,362,000 from the U.S. Department of Agriculture Electric Guaranteed Loan Program. This loan program is administered through USDA’s Office of Rural Development. This funding will be used to serve 318 consumers, build and improve 121 miles of distribution lane and make other system improvements. The loan amount includes $706,050 in smart grid projects.
"Modernizing our energy grid creates jobs, improves energy efficiency and helps our economy. Supporting New York’s rural communities with appropriate investments for electric service is pivotal for those towns and the local economy,” said Senator Schumer. “This USDA Rural Development investment for the Steuben Rural Electric Cooperative will improve service and quality of life in the community.”
“This is a key investment for New York’s rural communities,” Senator Gillibrand said. “An updated an energy grid can help connect more families and businesses, attract new businesses and support new jobs, all while helping to save on costs by using smarter, more efficient energy.”
Funding is part of the USDA Rural Development annual budget. USDA Rural Development’s mission is to increase economic opportunity and improve the quality of life for rural residents. USDA Rural Development fosters growth in homeownership, finances business development, and supports the creation of necessary community and technology infrastructure.