Capital Investment Fund Reaches Milestone Goal of $20M
Years ago, Beth Davis, President of Dakota Resources, set a goal of growing the Dakota Resources Capital Investment Fund to $20 million before her retirement. Less than two months shy of Beth’s retirement date, Dakota Resources achieved this goal thanks to a $1 million loan approved by Northwest Area Foundation in early November.
“The loan brings us to $20,905,000,” says Beth. “I’m so proud of the board for embracing our vision for growth and the financial team for doing a great job of executing the plan.”
For many rural communities, flexible, unrestricted loan capital is vital to supporting businesses, economic development, housing and entrepreneurial opportunities. Capital Investment Fund loans have been utilized in dozens of rural communities to help generate new opportunities, jobs and a better quality of life.
In 2017, the Capital Investment Fund disbursed a total of $5,950,000 in loans with a net loan growth of $4,304,850. This is a 28% year-over-year increase.
THE FOLLOWING IS THE LIST OF 2017 BORROWERS:
- Greater Huron Development Corporation: $1.5M
- Entrepreneur Fund: $2M
- Faulkton: $800K
- Aberdeen Development Corporation: $1M
- BASEC: $250K
- Lake Area Improvement Corp: $400K
We thank the following Capital Investment Fund investors for providing Dakota Resources with the capital to help us empower people and enrich communities across rural South Dakota.
- 1st Financial Bank USA
- Bank of the West
- Black Hills Corporation
- CDFI Fund (US Department of Treasury)
- Citi Foundation
- First Bank & Trust
- First Dakota National Bank
- First National Bank in Pierre
- First National Bank in Sioux Falls
- First National Bank of Omaha
- First InterstateBancSystem
- First Premier Bank
- Governor’s Office of Economic Development
- Great Western Bank
- Midcontinent Media, Inc.
- Northwest Area Foundation
- Opportunity Finance Network
- Sanford Health
- SDN Communications
- Sioux Falls Development Foundation
- Target National Bank
- US Bank
- Wells Fargo CDC
- Xcel Energy