Fall River Electric board member Jay Hanson was reelected to the 23 member board of directors of the National Rural Utilities Cooperative Finance Corporation, also known as CFC. Created and owned by America’s electric cooperatives, CFC is a nonprofit finance cooperative that provides financial resources to its owner-members. Money borrowed by Fall River from CFC come at substantially lower interest rates than traditional borrowing. For example, CFC has saved Fall River Electric approximately $9M on the Chester hydro project alone.
According to Hanson, “CFC cares for the littlest electric co-op and the largest the same way. They are there to help Fall River when we have financial needs.” Hanson represents electric cooperatives in one of ten geographically defined districts and set overall policy, establish programs, and develop strategies for CFC.