Economic Development

Incentives

Pee Dee Electric Cooperative, Inc. (PDEC), an electric utility organized  under South Carolina law, can avail itself of financial incentives included in the South Carolina Rural Development Act of 1996.

South Carolina Rural Development Act of 1996

This act allows PDEC to apply for credit against its tax liability for amounts paid in cash, to provide infrastructure for qualifying industrial and distribution projects. Here are examples of construction projects that can be funded under SCRDA:

  • roads
  • water and/or sewer lines
  • turning lanes and deceleration lanes to an industry
  • natural gas pipelines
  • rail

Santee Cooper Economic Development Investment Fund (SCEDIF)

PDEC may also contribute funds from other sources for the construction of facilities associated with a specific project, as well as provide financial assistance for the development of feasibility studies, environmental assessments and land use plans.

In all instances, qualification for such incentives is weighed against the number of jobs created, the capital investment, the demand for electricity, and whether a contract for electrical service from PDEC has been secured.

Rural Economic Development Loan & Grant (REDLG) Program

REDLG offers the opportunity for private and public organizations to receive a zero-interest loan from the Rural Development sector of USDA.  Funds from the REDLG program are awarded to a RUS, such as PDEC, which serves as the loan administrator.  The loan is then passed on to a third party.  The RUS charges an annual service fee of no more than 1 percent of the unpaid principal balance of the loan.