We have received notification of our allocation in Tennessee for the Rural Energy for America Program (REAP) for Fiscal Year 2012:
Grants of $20,000 or less: $136,000 (28% of last year’s level)
Grants over $20,000: $141,000 (18% of last year’s level)
Guaranteed Loan: $1,324,933.18 (83.22% of last year’s level)
Currently, we have 25 applications requesting $2.5 Million in grant vs. $277,000 in grant for allocation. The National Office will hold back $2.8 Million in reserve for competition between the States.
This is a huge reduction over previous funding levels, we will make all efforts to fund as many projects as we can given the circumstances.