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Utility lands loan from USDA

LORMAN — Southwest Mississippi Electric Power Association is receiving a $740,000 loan from USDA Rural Economic Development Loan and Grant program, one of 11 recipients to receive $6.17 million in loans and grants to spur economic development in eight states.

USDA’s Rural Economic Development Loan and Grant program provides zero-interest loans and grants to local utilities that re-lend money to local businesses for projects that will create and retain jobs in rural areas.

Funding of each recipient is contingent upon the recipient meeting the conditions of the loan or grant agreement.

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