As the only lender created and owned by America’s electric cooperative network, CFC’s focus on electric cooperatives permeates everything we do. Check back for news and updates on how CFC is working with its member-owners to meet their financing needs.
"The cooperative structure of CFC and its culture of providing exceptional member service help ensure that its staff understands how we work and why we exist. It’s great to know CFC represents our interests in the capital markets."
La Plata Electric Association (LPEA), based in, Durango, Colorado, recently refinanced debt from other lenders and became the fifth Centennial State cooperative to become a 100 percent CFC borrower. The cooperative’s management team made the decision to provide it with more flexibility to meet growing member needs for renewable and energy efficiency options.
"We were in a state of shock initially, so having CFC guide us was very reassuring. CFC was available and ready at a moment's notice to get us the cash to pay caterers, vendors and contractors."
CFC Emergency Lines of Credit Help Oklahoma Co-op Recover from Disaster ‘Double Whammy’
When a January 2017 ice storm left more than 80 percent of its 11,500 consumers in the dark, Woodward, Oklahoma-based Northwestern Electric Cooperative called on CFC to tap an emergency line of credit established the previous June.
"CFC matching grants will enable more electric cooperative volunteers to participate in NRECA International endeavors. Many of the line technicians who have offered their time and expertise to build lines in other countries have told me the experience changed their lives."
To further the mission of NRECA International Programs in providing rural residents in foreign lands with safe, reliable, affordable and life-changing electric service, CFC has announced it will make matching grants available to assist electric cooperative overseas electrification efforts.
"Low interest rates along with our longstanding positive relationship with CFC made it the right time to become a 100 percent borrower. We were able to save our members more than $1 million through the move."
Noble Rural Electric Membership Corporation, Albion, Indiana, recently refinanced existing debt to become a 100 percent CFC borrower, the 13th from the Hoosier State. The cooperative’s management team made the decision as a way to strengthen the system’s access to future capital.
"We have relied on CFC for numerous services over the years. Not just lending, but also strategic planning and financial forecasting. CFC has been a great partner, and we’re looking forward to building on that relationship."
Columbia Basin Electric Cooperative (CBEC), Heppner, Oregon, recently refinanced existing debt from another lender to become a 100 percent CFC borrower, the 12th from the Beaver State. The cooperative’s management team made the decision as a way to strengthen the system’s access to future capital.
"Our operating environment has changed a lot over the last few years. We’re looking at ways to be more efficient. We view our relationship with CFC as helping us do that."
Central Electric Membership Corporation in Sanford, North Carolina, recently refinanced outstanding debt from other lenders to become a 100 percent CFC borrower, the fourth from the state. The cooperative’s management team sees the decision as a strategic move to bolster lending efficiency.
"With our previous lender, we were frustrated by the waiting and red tape. With CFC, the process was simple and much more efficient."
East-Central Iowa Rural Electric Cooperative in Urbana, Iowa, recently refinanced outstanding debt from another lender to become a 100 percent CFC borrower, the 13th from the state.
"We had reached a point where we really needed nimbleness from our lender, and we see CFC providing that."
DS&O Electric Cooperative in Solomon, Kansas, recently refinanced outstanding debt from another lender to become a 100 percent CFC borrower, the eighth from the state.
"The move is a natural extension of our work with CFC over the last several years. CFC has been involved with our strategic planning, and we use CFC software for budgets and cash flow projections. We want to focus on building equity, and we see CFC helping us do that."
Lincoln Electric Cooperative in Eureka, Montana, recently refinanced outstanding debt from other lenders to become a 100 percent CFC borrower, the fifth from the state. The current interest rate environment was a key factor in the cooperative’s decision.
"We’re focused on not only meeting, but exceeding member expectations. Our commitment to our members has never been stronger than it is now."
South River Electric Membership Corporation in Dunn, North Carolina, recently refinanced outstanding debt from another lender to become a 100 percent CFC borrower, the third from the state.
"We had been planning to return to CFC for all of our financing for a while because of the benefits. With interest rates as low as they are, this turned out to be the perfect year to do so."
Overton Power District 5, Overton, Nevada, recently refinanced existing bond debt to become a 100 percent CFC borrower, the second time the system has worked with CFC exclusively. Overton Power District 5 first joined CFC in 2003 as a 100 percent borrower, but opted a few years later to finance the construction of new substations by issuing bonds itself.
"Our growing relationship with CFC, coupled with the unprecedented low interest rate environment, meant the timing was right to become a 100 percent borrower."
Rolling Hills Electric Cooperative in Mankato, Kansas, recently refinanced outstanding debt from another lender to become a 100 percent CFC borrower, the seventh from the Sunflower State.
"In addition to obtaining a lower overall interest rate by refinancing, we were able to save more than $3 million by shortening the maturity period over the life of the loan."
Utilities District of Western Indiana Rural Electric Membership Corporation, Bloomfield, Indiana, recently refinanced existing debt with another lender to become a 100 percent CFC borrower.
"Every time we wanted an analysis done or had a question, CFC was quick to provide what we needed."
Big Horn Rural Electric Company in Basin, Wyoming, recently completed the process of refinancing existing debt from other lenders to become a 100 percent CFC borrower. The distribution cooperative, which serves approximately 3,700 members across seven counties (five in the Cowboy State and two in Montana), started reviewing refinance options in October 2014 and finalized a buyout transaction with CFC in June.
"I know CFC is an organization that can be counted on to have the best interests of its members at heart."
Community Electric Cooperative, Windsor, Virginia, recently worked with CFC to refinance existing debt from other lenders. The move will result in interest expense savings of more than $2 million, according to Community Electric estimates, and makes the distribution cooperative a 100 percent CFC borrower—the first in the Commonwealth of Virginia.
"Working with CFC accelerates our ability to access funds when we need them—which ultimately saves YVEA time and money."
Yampa Valley Electric Association (YVEA) recently refinanced existing debt from another lender with CFC, becoming a 100 percent CFC borrower as a result. Through the deal, the Steamboat Springs, Colorado-based distribution cooperative expects an immediate reduction in interest expenses.
"When we started weighing the possibility of refinancing, we realized we were only scratching the surface of what CFC could offer."
Monroe County Electric Co-Operative (MCEC), Waterloo, Illinois, recently completed the process of refinancing existing debt from other lenders to become a 100 percent CFC borrower. MCEC has been considering the move for years and began the refinancing process in October.
"Our work with CFC allows us to function in a streamlined manner that can meet the needs of development as it happens."
Tri-County Electric Cooperative, St. Matthews, South Carolina, recently worked with CFC to refinance existing debt from other lenders, reducing associated costs going forward. The move makes Tri-County a 100 percent CFC borrower.