Dakota Resources receives investment from Wells Fargo
Dakota Resources received a $500,000 equity equivalent investment (EQ2) from Wells Fargo for the organization’s Capital Investment Fund. The fund was designed to build capacity for rural economic development corporations and revolving loan funds that finance local development projects in South Dakota and throughout the United States.
As a certified Community Development Financial Institution by the United States Department of Treasury, Dakota Resources is dedicated to delivering responsible, affordable lending to underserved populations and communities.
Proceeds from the Capital Investment Fund can be used as flexible capital or matching funds and can be blended with other financial sources. “We offer a straightforward application and underwriting process that provides access to flexible capital, with no requirements for job creation or restrictions on the end user’s type of projects financed,” said Jay Headley, Vice President of Finance at Dakota Resources.
“Our investment allows for Dakota Resources to assist with more development projects throughout South Dakota and the United States,” said Paige Harris, Community Lending & Investment relationship manager for Wells Fargo. “We are pleased to support Dakota Resources and their efforts to help rural communities thrive.”
Wells Fargo supports more than 150 CDFIs of all sizes across the country through equity equivalent investments, the New Market Tax Credits (NMTC) program and other tailored investment and debt strategies to finance affordable housing, community facilities and small and micro businesses. For more information: https://www.wellsfargo.com/com/financing/real-estate/community-lending-investment/cdfi.
About Dakota Resources
Dakota Resources, organized in 1996, is a 501c3 Community Development Financial Institution (CDFI) Intermediary located in Renner, South Dakota. Dakota Resources embraces building the capacity and confidence of rural communities and organizations through learning networks, long-term engagement, and loans to CDFIs and development corporations in South Dakota and across the nation. Dakota Resources has deployed over $26M through its Capital Investment Fund to more than 25 rural organizations with no defaults or delinquencies. For more information, visit http://dakotaresources.org. Dakota Resources is an equal opportunity organization.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investments, mortgage, and consumer and commercial finance through more than 8,300 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 42 countries and territories to support customers who conduct business in the global economy. With approximately 263,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune’s 2017 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.