America was built on families coming together to make something of themselves by providing goods and services for the communities they belonged to. As a rural electric cooperative, we depend on that family-focused entrepreneurial spirit to help build the communities we serve. And we are proud to provide programs and services to help those families succeed, including the Rural Electric Economic Development (REED) Fund.
The REED Fund provides business and community project financing in partnership with commercial and other economic development lenders to leverage private investments and make a difference in the region it serves. Established in 1996 and governed by 22 electric cooperatives, REED assists projects that promote growth and contribute to job, business and wealth creation, as well as improve the infrastructure, community facilities/services and economic base of rural areas.
Here are some of our favorite family-run businesses that the REED Fund has been able to help throughout South Dakota and Minnesota:
Dakota Butcher, LLC has been a locally-owned family business since 2009, originally based in Clark, S.D. They have recently expanded their operations with two additional locations in Watertown. Not only is Dakota Butcher, LLC a full service meat locker that offers custom processing of beef, pork, lamb, buffalo and wild game, but also provides a wide variety of fresh and smoked products. Dakota Butcher, LLC received a loan from Codington-Clark Electric’s loan fund, the REED Fund. REED partnered with the SD Department of Ag to make financing for this expansion possible.
DoMats Family Foods
REED member Agralite Electric Cooperative, is proud to be a part of the financing package to construct a new home for Do Mats Family Food. The grocery store has been a family business in Benson, Minnesota, population 3,240, for nearly 45 years. Do Mats’ CEO is Matthew Mattheisen, son of the original owner, and employs 20 people. Its new, 23,500 square foot facility includes a Lewis Drug pharmacy and a liquor store (operated by the city) all under one roof. The facility also has energy efficient fixtures and equipment.
Werkmeister Welding is a family-owned business in its third generation of family leadership located near Armour, S.D., population 699. It was founded in 1982 and is a leading manufacturer of high quality cattle feeding equipment. REED financing assisted in the construction of a new building. The company also purchased additional equipment and improved the manufacturing process flow to increase production.
Your local electric cooperative is dedicated to serving businesses and community initiatives within its territory. Visit reedfund.coop today to learn more about the program and to see if you may qualify!