In the early 1930s, 90 percent of the urban population of the United States had electric power, in comparison to only 10 percent of rural homes. At the time, power companies did not feel that extending power to rural areas (rural electrification) would produce enough profit to make it worth their while. However, in the midst of the Great Depression, President Franklin D. Roosevelt realized that rural areas would continue to lag behind urban areas in both poverty and production if they were not electrically wired. On May 11, 1935, the president signed an executive order called the Rural Electrification Administration, also known as REA. The agency provided loans to fund electric infrastructure in the rural areas. In just a few years, 300,000 people in rural areas of the United States had received power in their homes.