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<\/a>Once the money begins to be repaid, PPEC\u2019s Revolving Loan Fund Committee would then begin accepting applications to assist for-profit entities within its service territory by offering gap lending.<\/p>\nErika Willitzer, marketing and economic development director for PPEC, explained how electric co-op Midwest Electric established a similar loan fund and was able to loan money for infrastructure that ultimately led the City of Celina to land the Ferguson Distribution Plant.<\/p>\n
\u201cThis was a huge win for Mercer County and it all began with the local co-op lending a helping hand,\u201d Willitzer said. \u201cI don\u2019t see why Paulding Putnam Electric can\u2019t do the same for its territory and the communities it serves.\u201d<\/p>\n
George Carter, CEO\/general manager for PPEC, said he is 100 percent behind the fund and encourages governmental entities to discuss the possibility of working with the cooperative.<\/p>\n
\u201cCommunities within our service territory can benefit from zero percent interest financing through this program and not tie up their traditional financing avenues or use general funds,\u201d Carter noted. \u201cAdditionally, down the road as the program matures, this Revolving Loan Fund can provide assistance to local businesses that are looking to expand and may need additional low-cost funding as part of their larger financing needs.\u201d<\/p>\n