New Milbank hospital gets help from REED Fund
Friday, April 20, 2018
MILBANK — Whetstone Valley Electric Cooperative’s Economic Development (REED) Fund was recently utilized to help build a new hospital. The REED Fund, a joint economic development fund managed by Whetstone Electric and 21 other electric cooperatives in South Dakota and Minnesota, is used to fund projects to promote economic development and enhance the lives of people in rural communities.
Whetstone Electric recently closed a $1 million loan from the REED Fund to Milbank Area Hospital Foundation of Milbank. The loan was used to purchase diagnostic equipment primarily for the radiology department for their new facility. Whetstone Electric and REED have been strong supporters of community centered projects for many years. While economic growth is recognized, so also are the important services that are made available by these businesses and organizations. With the cooperation of REED and USDA, Whetstone Valley Electric Cooperative was able to support the Milbank Area Hospital Foundation by offering a gateway for low cost financing to provide quality health care to so many.