TVA and the Valley's local power companies announce a new initiative designed to provide matching funds to new or existing initiatives designed to support or sustain quality of life in our region.
APRIL 16, 2020 — Today TVA announced it will partner with the local power companies of the Tennessee Valley region to provide millions of dollars in matching funds to address communities’ immediate needs and hardships created by the COVID-19 pandemic.
The COVID-19 Community Care Fund will help amplify vital work being done by non-profit organizations to support families and businesses affected by pandemic conditions. Local power companies will have the opportunity to identify organizations for which they will seek matching funds for existing or new community initiatives.The fund is intended to help sustain and improve the quality of life in the Valley and support economic recovery.
“In the spirit of public power, we are honored to partner with local power companies to address the unprecedented challenges facing those we serve,” said Jeannette Mills, TVA Executive Vice President and Chief External Relations Officer. “TVA has a mission of service to make life better for the people of the Valley, and providing these funds to address immediate needs is one way we can help ease the burdens on families and communities.”
Local power companies may select initiatives and non-profit organizations in their communities to support that are addressing needs within TVA’s corporate giving priority areas of education, health and human services, or community enrichment. All local power companies are eligbile to apply for matching fund grants.
The COVID-19 Community Care Fund is part of a broader effort by TVA and LPCs to support communities with resources, programs and assistance and reinforce the strength of public power in the Tennessee Valley.
TVA is also providing up to $1 billion in need-based credit support to provide financial stability and assist them in their efforts to support their customers through these challenging financial conditions. In its role as regulator for local power companies, TVA is providing LPCs with more flexibility to meet immediate customer needs in a fair, consistent manner. TVA is also working to identify additional potential funding from federal, state, and local government stimulus programs to help mitigate the impacts of COVID-19 in the Valley.
These comprehensive steps reflect the continuing value of the Tennessee Valley Public Power Model and TVA and LPCs’ nearly nine decades of commitment to serving the people and communities of the Valley. In this period of unprecedented challenge for the people of the Valley, we are working to do what’s right for the people we serve in every way we can.