South Dakota Rural Enterprise awarded $1 million to provide capital for revolving loan funds and community development organizations

The U.S. Department of the Treasury has chosen South Dakota Rural Enterprise as one of 62 Community Development Financial Institutions (CDFI) in the nation to receive funding through the department’s CDFI Program. SD Rural Enterprise will receive $1 million in federal dollars to provide additional capital to revolving loan funds and other community development organizations throughout rural South Dakota.

“This is a significant award for SD Rural Enterprise and for our state,” said Beth Davis, the organization’s president. “The Treasury department has recognized SD Rural Enterprise as a vital link to economic growth and financial resources for communities and development groups in rural South Dakota.”

Through the CDFI Program, the Treasury department invests in financial institutions that serve communities lacking adequate access to affordable financial products and services. In its first 10 years, the federal CDFI Fund has successfully invested in urban, rural and reservation-based markets in all 50 states to create jobs, affordable housing and facilities for vital social services. The Treasury department reports that every federal dollar invested in a CDFI leverages $27 of private investment.

“This $1 million award grows the capacity of the $10 million Capital Investment Fund,” Davis said. “We are able to make funds available to communities across South Dakota that help businesses and entrepreneurs make their local economies stronger.”

South Dakota Rural Enterprise stimulates financial and human investment in South Dakota communities that invest in themselves.

Tags: south dakota rural enterprise, south dakota, economic development, daily updates