Yanceyville, NC (April 26, 2021) – In 2019, the Town of Yanceyville received a $234,933 zero-interest loan to help pay for a new fire truck for the Yanceyville Volunteer Fire Department. Piedmont Electric Membership Corporation played 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 Grand (REDLG) program revolving loan fund.
“This new E-One Commercial Tanker has replaced an aging truck in the Yanceyville Volunteer Fire Department fleet,” said Brian Collie, Yanceyville Town Manager. “The new fire truck is assisting our volunteer firefighters in their life and property saving efforts in Yanceyville and throughout Caswell County.”
The new fire truck helped the Yanceyville Volunteer Fire Department improve their Insurance Service Office (ISO) rating from a five to a four. A lower ISO rating means lower homeowners insurance rates which benefits residents and businesses in the area.
A significant portion of the funds for the new fire truck came from the revolving loan fund created from repaid USDA REDLG loans facilitated by Piedmont Electric. Payments from organizations who have received REDLG loans managed by Piedmont Electric in the past are placed into this revolving loan fund which allows these federal funds to be re-loaned in our local communities.
“Working with local emergency services through the REDLG program allows us to serve our members far beyond our electric service,” said Steve Hamlin, Piedmont Electric President and CEO. “We are always proud to support projects that will improve the quality of life in one of our communities.”
In the past several years, Piedmont Electric has secured more than $14 million in USDA funding within Caswell, Alamance, Durham, Granville, Orange 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 Caswell, Alamance, Durham, Granville, Orange 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.