USDA Awards Infrastructure Loans to North Carolina Companies

The USDA announced Thursday it's granting nearly $2.3 billion in loans to help rural communities improve their power grids, and three North Carolina companies will get a piece of that pie.

When it comes to infrastructure, things like power, high-speed internet and other services can be limited or non-existent in some rural areas.

The USDA's Electric Infrastructure program provides loans to companies serving rural areas to help improve the delivery of electricity.

North Carolina's share of the loan program comes to $62 million.

The lion's share goes to Surry-Yadkin EMC, a cooperative serving Northwest North Carolina.

The company will use its $33 million loan to add or improve dozens of miles of power lines, and make a small investment in smart grid technology.

Another $23 million will go to a Cornelius firm, O2 EMC Portfolio 1, to develop solar farms. Cornelius is about a half hour north of Charlotte.

In a statement, Agriculture Secretary Tom Vilsack said the loans can have major impact on rural communities where major funding isn't available for infrastructure improvement.

"By financing these improvements, USDA helps increase efficiencies, reduce carbon emissions and improve the quality of life in rural areas," Vilsack said.

Fulfillment of the loans to each company is contingent upon meeting special terms set up by the USDA.

The department says it has helped build more than 185,000 miles of electric lines since 2009.