First National Bank Invests $2 Million With Dakota Resources
First National Bank has provided a $2 million Equity-Equivalent Investment to the Dakota Resources Capital Investment Fund, announced Jeff Jones, Market President, First National Bank.
The $2 million investment, which includes the renewal of an existing $700,000 Equity-Equivalent Investment from the bank plus an additional $1.3 million, reflects First National Bank’s commitment to building strong local economies in the South Dakota rural market.
The investment will be used as loan funds to support businesses, affordable housing and other community development projects in the rural South Dakota counties of Yankton, Bon Homme, Beadle, Davison, Sanborn and Hanson through Dakota Resources Capital Investment Fund loans to development organizations serving those markets.
“At First National Bank, we believe that a successful community is one that is home to local businesses of all sizes and types that produce a variety of goods and services. That’s why we partner with community organizations like Dakota Resources who are working to strengthen rural communities within South Dakota by creating and growing local businesses through coaching, technical assistance, education and finance,” said Jones.
Dakota Resources is a nonprofit Community Development Financial Institution (CDFI) with a mission of building the capacity of underserved communities through community and economic development strategies. Dakota Resources provides financial products and orchestrates multiple learning network platforms to support rural community and economic development. The various networks support the discovery of solutions to the challenges being faced by rural communities.
“Part of our success and ability to make a difference in rural communities is because of the willingness and dedication of partners like First National Bank who want to make a difference in the communities across the state. The partnership we have developed and the resources that have been made available to us allow communities to flourish,” said Jay Headley, Dakota Resources VP of Finance.
First National Bank is a division of First National Bank of Omaha and subsidiary of First National of Nebraska. First National of Nebraska is the largest privately owned banking company in the United States. First National of Nebraska and its affiliates have more than $21 billion in assets and 5,000 employee associates. Primary banking offices are located in Nebraska, Colorado, Illinois, Iowa, Kansas, South Dakota and Texas.