Dakota Resources Receives $1.5 Million
CDFI Fund Awards $1.5 Million to Dakota Resources for Community and Economic Development
Renner SD – Dakota Resources, a statewide nonprofit, Community Development Financial Institution Intermediary, has been awarded $1.5 million in capital to build the financial capacity of South Dakota’s Economic Development Corporations and Revolving Loan Funds who finance local housing, community, and economic development projects. This award was one of 196 awards made nationally by the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) totaling $185.7 million in grants and loans.
The Dakota Resources Capital Investment Fund serves a mission of promoting community development by providing loan products and development services designed to stimulate financial and human investments in rural communities of South Dakota. ”It is critical to provide products and services that offer the greatest return on investment for our rural communities,” says Beth Davis, President of Dakota Resources. “Our goal is to offer flexible, low-cost capital on a 10-year interest-only term with no project restrictions in order to help communities be successful in creating thriving rural communities.”
For more information about the Dakota Resources Capital Investment Fund, please contact our office at (605) 978-2804 or visit our website at www.dakotaresources.org.
About the CDFI Fund Since its creation in 1994, the CDFI Fund has awarded more than $2.2 billion to CDFIs, community development organizations, and financial institutions through the CDFI Program, the NACA Program, the Bank Enterprise Award Program, the Capital Magnet Fund, and the Financial Education and Counseling Pilot Program. In addition, the CDFI Fund has allocated $43.5 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, and $852 million has been guaranteed in bonds through the CDFI Bond Guarantee Program. To learn more about the CDFI Fund and its programs, please view the Fact Sheet or visit the CDFI Fund’s website at www.cdfifund.gov.
Contact Cheryl Leasure (email@example.com or (605) 678-2804)