First National Bank of Omaha helps feed the cycle of community success
Feature Story from First National Bank of Omaha’s 2018 Impact Report
In 2018, First National Bank of Omaha invested $2 million in the Dakota Resources Capital Investment Fund to help rural economic development organizations ignite local business start-ups, grow and create jobs. By doing so, First National Bank of Omaha helped to feed the cycle of community success in South Dakota by increasing access to jobs and stimulating consumer spending.
Dakota Resources is a CDFI
A community development financial institution (CDFI) is a private financial institution that is dedicated to delivering affordable lending to help low-income or disadvantaged populations. CDFIs specialize in providing loans to small businesses, affordable housing initiatives and nonprofit organizations that serve these populations but who may not qualify for traditional bank financing. Third-party community investors, such as First National Bank of Omaha, provide funding for CDFI loans and have been an investor in the Dakota Resources loan fund for more than 11 years.
Dakota Resources is a nonprofit CDFI Intermediary that has been a catalyst for rural communities and a champion for economic development in South Dakota for 22 years. Rural communities face barriers to economic development because of geographic isolation, lack of connection to resource partners, the need for professional development and scalability of programs and services.
Dakota Resources’ loan products and services are designed specifically to build rural organizational capacity and financial stability of economic development organizations such as the Greater Huron Development Corporation (GHDC). GHDC is committed to the creation and retention of jobs by improving the climate for population growth and ensuring the economic vitality of the Huron region. GHDC draws upon the vast knowledge of its membership and strategic partners in the areas of public and private sector finance, business, community development and government in an effort to facilitate growth for Huron and its surrounding communities.
In recent years, Dakota Resources has provided $3.4 million in investments to GHDC to assist the Huron community with a variety of projects that have created or retained more than 1,800 jobs, constructed 15 housing units and developed more than 150,000 square feet of new retail space.