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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 … Read More »
There have been too many years of disinterest and disinvestment in rural America and at times I grow weary of defending the value of the rural place I call home to a national audience. I recently read multiple articles about the rural underclass and the poverty that plagues our landscape from Bloomberg Business, NY Times, and Wall Street Journal. One of those articles written by Paul Krugman stated, “once upon a time dispersed agriculture ensured that small cities serving rural hinterlands would survive. But for generations we have lived in an economy in which smaller cities have nothing going for them except historical luck, which eventually tends to run out.”
I need to ask, is your community living in this fairytale and just running on historical luck, like the author suggests? Or, are you investing in your community … Read More »
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 … Read More »
The need to recruit and retain rural practitioners is a huge part of solving our rural healthcare provider shortage.
Dakotas America is working to be a part of that solution.
Thanks in part to the help of Dakotas America, pre-medical students from rural North and South Dakota have another avenue for a high-quality education. The Edward Via College of Osteopathic Medicine (VCOM), with its three campuses, is one of the most innovative medical colleges in the country, with cutting-edge technology, facilities, and experienced faculty.
Dakotas America attracted private investment through the federal New Markets Tax Credit program to help fund the construction of the newest 16 acre VCOM branch campus located in Auburn, Alabama, which opened for its inaugural class in July 2015. Students accepted into the program are asked to maintain VCOM’s mission of becoming community focused, globally minded osteopathic physicians … Read More »