New Hope Volunteer Fire Department Receives a $450,000 Zero-Interest Loan for Fire Truck

New Hope Volunteer Fire Department Receives a $450,000 Zero-Interest Loan for Fire Truck

Chapel Hill, NC (March 23, 2022) – New Hope Volunteer Fire Department received a $450,000 zero-interest loan to help pay for their new first out fire engine. Piedmont Electric Cooperative is playing a supporting role in the purchase of the new fire truck by facilitating a loan funded from the United States Department of Agriculture’s (USDA) Rural Economic Development Loan and Grant (REDLG) program.

The new engine will replace the New Hope Volunteer Fire Department’s aging 2004 fire truck that has been experiencing increasing mechanical problems. The primary purpose of this truck will be to supply water for extinguishing fires and respond to vehicle accidents in the New Hope Fire District and surrounding areas.

“This zero-interest loan will save the fire department and the citizens in our fire district approximately $77,000 in interest over the term of the loan,” said Chief Bowden. “Plus, the addition of the new fire truck and updated equipment will help us maintain our Insurance Service Office (ISO) rating.”

The New Hope Volunteer Fire Department currently has a 4/9E ISO rating. A Class 4 Public Protection Classification is the best rating possible for a residential property.

The funds for this truck came from the USDA REDLG program facilitated by Piedmont Electric. The program provides zero-interest funds from the federal government to local electric cooperatives who in turn lend the money to local entities for projects that support rural areas.

“Working with local emergency services through the USDA REDLG program allows us to serve our members far beyond our electric service,” said Steve Hamlin, Piedmont Electric president and general manager. “We are proud to support the New Hope Volunteer Fire Department in this way, and we appreciate all they do for our community.”

In the past several years, Piedmont Electric has secured more than $14 million in USDA funding within Orange, Alamance, Caswell, Durham, Granville and Person counties for fire trucks, fire stations, ambulances, schools, a public library and a Habitat for Humanity warehouse. As the funds are repaid, they are re-loaned to assist with future projects in communities served by Piedmont Electric.

Piedmont Electric is a local, member-owned, not-for-profit electric cooperative serving more than 33,000 electric accounts in Orange, Alamance, Caswell, Durham, Granville and Person counties. Piedmont Electric exists to serve our members and improve the quality of life in our communities through local employment, economic development, business engagement, youth education, grants to educators, advocacy for energy issues, community involvement, broadband connectivity and emergency preparedness support. Visit www.pemc.coop for more information.

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