Partnering with USDA in $10 Million Re-lending program
Ask Jay Headley what Dakota Resources’ biggest accomplishments were for 2016, and he will rattle off a list that includes providing capital to assist with rural building projects, new housing developments, land purchases, the opening of new businesses and collaborative partnerships.
However, one of his favorite highlights was finalized at the end of the year and involves a partnership between Dakota Resources and US Department of Agriculture Rural Development (USDA). USDA named Dakota Resources as a “re-lender” of $10 million in federal funds to help spur economic development opportunities and reduce rural poverty in South Dakota communities. The funds will be used to improve essential facilities in low income rural areas, such as health care facilities, child care centers, town halls, assisted living centers, transitional housing, street improvements and educational facilities.
“Dakota Resources is only one of a handful of Community Development Fund Institutions (CDFIs) in the nation to be named a partner in the Community Facility Direct Re-Lending program,” says Jay, VP of Finance at Dakota Resources. “Being involved in this endeavor is important to us as a CDFI—it brings us more exposure and allows us access to a bigger network of experts at the federal level. On a local level, the re-lending program gives us another resource for helping us meet the needs of our rural communities.”
Dakota Resources will be working alongside USDA Rural Development, private financial institutions and community development organizations to help in the distribution of the loan funds, which need to be utilized in the next five years.
“This is a unique opportunity for Dakota Resources and should only further our mission of enriching communities and empowering people,” says Jay.
If you would like more information about the community facilities relending capital for a project your community is considering, call Jay at 605-978-2804 or email firstname.lastname@example.org.