Denver, CO - Colorado U.S. Senator Michael Bennet announced that CoBank, headquartered in Greenwood Village, will receive a $250 million loan guarantee from the U.S. Department of Agriculture (USDA) to improve the delivery of electric power to rural communities. The investment will support CoBank's efforts to help rural communities in Colorado and throughout the country deliver reliable and affordable electricity to their residents and businesses.
"Rural communities throughout Colorado and throughout the country are ready to get to work on much-needed infrastructure improvements to meet their 21st century needs, and local officials are looking for new ways to make sure they have the right financing and resources to complete them," Bennet said. "Having a partner like CoBank that is ready to invest in these communities and support their efforts to provide reliable electricity will help boost economic growth."
CoBank's loan guarantee is part of a $1.4 billion investment USDA is making to improve the delivery of electricity to rural communities in 21 states.
CoBank is a national cooperative bank serving vital industries across rural America. The bank provides loans, leases, export financing and other financial services to agribusinesses and rural power, water, and communications providers in all 50 states.
Earlier this year, Bennet introduced the Partnership to Build America Act with Senator Roy Blunt (R-MO). The Bennet-Blunt proposal establishes a $50 billion infrastructure fund that can potentially support hundreds of billions in loan guarantees and financing authority for state and local governments. The fund would finance transportation, energy, communications, water, and education infrastructure projects.
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