Tag: REED Fund
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“RuralX adds value to what we do,” explains Linda Salmonson, Economic Development Officer. “Cooperatives share a commitment to rural communities that goes beyond power.”
Touchstone Energy Cooperatives and the Rural Electric Economic Development (REED Fund) became a Leadership Partner with Dakota Resources in June 2018. As part of their valued partnership, they receive recognition across all of Dakota Resources six core leadership programs, an annual complimentary membership to the Dakota Resources Learning Network, and tickets to events like ruralX and more.
“Changing from a sponsor to a partner made a lot of sense to us,” explains Linda Salmonson, Economic Development Manager. “A partnership allows us to more fully engage in Dakota Resources and the communities they serve. It’s better for both parties.”
As a representative for the cooperatives on the Learning Network, Linda is able to get a better pulse on the rural communities they serve, and can then share that information with their cooperative members. She is also able to lend expertise on topics such as funding, housing, rural … Read More »
During the Fall of 2017, ground was broken and construction began on additions and renovations to Andes Central schools in Lake Andes, SD. The multi-million dollar project is being funded in part by Dakota Resources through the US Department of Agriculture (USDA) Community Facilities Re-lending program.
“Lake Andes has been working toward this for well over a decade,” explains Jay Headley, VP of Finance at Dakota Resources. “Their current schools were built in the 1950s and needed some serious overhauls. This will be a great community asset to Lake Andes and something that will benefit them for years to come.”
Dakota Resources is one of a handful of Community Development Fund Institutions (CDFIs) in the nation to be named a partner in the program, and received a $10 million award in 2016. The funds are designed to help spur economic development opportunities … Read More »
Over the last 30 years, federal community development spending has plummeted by almost 75 percent, measured as a share of the U.S. Gross Domestic Product (GDP). Fortunately, there are some programs with strong track records that have remained to provide necessary financing in capital-starved communities and to low-income people. The U.S. Treasury Department’s Community Development Financial Institutions Fund (CDFI) Programs, which was established in 1994, is one of these tools many communities have come to depend on for access to capital—especially rural and farming towns in the Midwest. Despite CDFI Fund Programs’ record of success and strong bipartisan support from Congress, this tool has come under threat, with the 2018 President’s budget calling for the elimination of funding.
In July 2017, 40 rural development leaders from five states came together to discuss rural economic and community development financing and the impact it … Read More »