Big Country Electric Cooperative applied for and received a $1.45 million Payroll Protection Program loan in April through the U.S. Small Business Administration.
Members can rest assured that your co-op was in sound financial condition before applying for the PPP loan, and we remain in sound financial condition today. Our decision to apply for these funds was rooted in our commitment to protect the co-op—and your investment in it as a member-owner—against unforeseen economic uncertainties. The economic turmoil that we all have watched unfold around us as a result of the COVID-19 pandemic, including the loss of jobs, the plummeting price of oil and less-than-ideal conditions for farmers, led to declining kilowatt-hour sales and increased the potential for unpaid bills to convert to bad debt. With a limited window of time to act, the BCEC board and management chose to apply for a PPP loan out of an abundance of caution rather than leave BCEC’s financial security up to chance.
Our midyear financials through June will be included in the October issue of Texas Co-op Power, so that you can see that your co-op is solid—not just financially but also in our commitment to serve you, regardless of the future. While unfortunately COVID-19 doesn’t appear to be going away anytime soon, we are thankful that economic conditions in the Big Country have improved.
We deliver electricity. But more importantly, we are a service organization. If you need help, call us. Your co-op was born from the crisis of the Great Depression and has weathered many storms in our 82 years of service. We will survive this, meeting your needs and serving our communities all along the way.