American Peat Technology (APT) continues to expand its capacity to meet a growing demand for its reed-sedge peat products.
On Dec. 7, officials from Mille Lacs Energy Cooperative (MLEC) and APT gathered at the Aitkin production facility to celebrate another milestone in the company’s growth: equipment financing secured through the MLEC revolving loan fund.
Using a $132,000 loan approved by the MLEC board of directors at its regular meeting on Nov. 16, APT will invest a total of $165,000 in equipment that will help the company harvest and handle reed-sedge peat, before refining the raw material into products used in agricultural and water treatment applications.
“American Peat Technology enjoys a strong working relationship with Mille Lacs Energy and we appreciate the board’s approval of this loan,” stated Roger Sorben, CFO. “More than just our electric utility provider, MLEC has shown a true commitment to supporting our growth in Aitkin County in multiple ways.”
The MLEC revolving loan fund originated from a grant provided through the USDA Rural Economic Development Loan and Grant (REDLG) program, which provides loans and grants to rural cooperatives for specific economic development purposes. As these initial loans are paid back, the revolving loan funds are intended to grow and provide financing for further qualifying economic development projects over time.
“Mille Lacs Energy is proud to do its part to support the success of American Peat Technology,” said Mark Fagan, MLEC’s Interim General Manager. “Revolving loan funds are an important tool cooperatives can use to support rural economic development and APT’s manufacturing operation fits perfectly within the program guidelines.”
The MLEC revolving loan fund accepts applications on an ongoing basis, from private businesses, public entities and non-profit organizations, for projects that will significantly benefit rural areas in Aitkin, Mille Lacs and Crow Wing Counties and the surrounding region. Eligible projects must create or retain employment, or provide needed community facilities and services.
For more information on how to apply for an MLEC revolving loan fund loan, please contact Tom Meyer at 218-927-2191.