Newsletter, September 2008
Monday, September 01, 2008
NESDEC Celebrates 30 Years
Given the long history of the Northeast South Dakota Economic Corporation in the 22-county target area, its products and services are well known in the region. Under the leadership of Lori Finnesand, Executive Director, and Marcia Erickson, Deputy Director, NESDEC provides economic opportunities to the residents of its service area, through small business loans, business development services, and partnerships with financial institutions and other business assistance organizations. NESDEC can provide a direct loan guarantee or participate on bank loans to small businesses. They also provide counsel, referrals, and mediation to businesses in need of assistance. NESDEC receives more than 300 loan inquiries each year. Historically, NESDEC has made 1,381 loans to 896 area businesses. NESDEC retains a 98% repayment rate on principal loaned out due to the diligent training and assistance provided to our clients by the NESDEC and Small Business Development staff. These loans have created or retained 6,481 jobs in northeast South Dakota. NESDEC has directly financed more than $35.9 million in loan activity in the past 30 years. As of June 2008, NESDEC had 376 active loans totaling $13,065,813. NESDEC successfully manages its Revolving Loan Fund to benefit low-income entrepreneurs and communities across northeast South Dakota who may not qualify for traditional loan products.
Category: News Categories, From the Office