As I am writing this, the stock market is making news with large declines and subsequent attempts to rally. Gas prices are declining once again and driving (no pun intended!) some economic activity. It made me stop and think about the impact Cherryland Electric Cooperative has on the local and regional economy.

So, I had our topnotch accounting staff go back to the start of the last recession to help me develop the numbers for this story on the consistent economic impact that your cooperative has had since 2008.

The first logical number is capital credits returned to our members. As you know, capital credits are each member’s share of our margins or profits in a given year. We use this zero interest loan from our owners to do such things as fund plant improvements, buy trucks and reduce our interest expense on long-term borrowings.

Your board of directors recently approved a $2.6 million dollar retirement for 2015. Current members will see a bill credit in October. Since 2008, your cooperative has returned almost $16 million. This is $16 million directly into the pockets of past and present members that flows directly into our regional economy.

Another big economic stimulus provided by an electric cooperative like Cherryland lies in such things as the in-house system improvements, equipment purchases and outside construction contracts necessary to upgrade our distribution facilities each year. These are physical assets and additions necessary to keep the delivery of electricity to your home reliable.

Since 2008, we have invested more than $18 million dollars to maintain and improve the network of poles and wires throughout the 1400 square miles of our service territory. This is money that will roll over multiple times in our regional economy.

In the six counties served by Cherryland, new and expanding business is vital to growing our economy. Your cooperative assists in this area through a zero interest revolving loan fund.

Setup by multiple USDA grants over the last several years, this loan fund helps local entrepreneurs purchase equipment and add to present facilities. For each $20,000 borrowed, the borrower must show the addition or retention of one full time position. The Cherryland board has approved $1.6 million in zero interest loans since 2008.

Over 80 jobs have been created or saved with the use of these loan funds. Obviously, numbers will vary from family to family. For arguments sake, let’s say that each job pumps a mere $2,000 per month into the local economy. Over the course of one year, these 80 jobs are responsible for $1.9 million. Since 2008, this comes to an economic impact of more than $13 million dollars.

Even the impact of our members’ pocket change is being felt across our service territory. Through Cherryland Cares, members round up their monthly bill to the nearest dollar. These contributions average just $6 per year per participating member. Since 2008, this pocket change has totaled $234,000 in donations to area non-profits.

With only two rates increases since 2008 and ZERO since 2011, we feel like we are doing what we can to provide rates that more than beat the cost of inflation. I believe that every year we don’t have a rate increase we avoid a $1 million hit to the local economy.

When I add up this little snapshot of just a few of the ways Cherryland impacts the economy, I get an almost $56 million dollar infusion into our region since 2008.

So, while the bulls and bears of Wall Street come and go and the price at the pump goes up and down, your local electric cooperative continues to be a consistent engine that helps drive a positive economy locally and regionally.