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NESDEC Provides Financing to Dakota Provisions

Thursday, January 04, 2018

NESDEC Provides Financing to Dakota Provisions

The Northeast South Dakota Economic Corporation (NESDEC), dba GROW South Dakota, recently received a $780,800 Community Economic Development grant from the Office of Community Services in the Administration for Children and Families in the Department of Health and Human Services. The grant will allow NESDEC to help finance the expansion of the Dakota Provisions Turkey Processing Plant in Huron, South Dakota, to provide a retail ready-to-eat food line of lean meat turkey products. NESDEC will provide a working capital loan along with no-cost business development services to Dakota Provisions in order to help create a minimum of 40 jobs in the next three years; 75% of the jobs will be filled by low-income workers.

Dakota Provisions opened a $120 million, 155,000 square foot state-of-the-art turkey processing plant in Huron in 2006 to harvest, debone and cook turkeys. It has the capacity for 8 million live turkeys per year and produces a complete line of fully cooked turkey, pork, beef and chicken products. For its ready-to-eat expansion, Dakota Provisions has purchased a new building, is making renovations, and is purchasing additional equipment. While the project target is a minimum of 40 new jobs, the company expects to create many more jobs than that.

NESDEC is a private, nonprofit Community Development Corporation and certified Community Development Financial Institution with 501(c)(3) status that has successfully served 22 counties for more than 39 years. NESDEC’s mission, as stated in its Strategic Plan, is “to stimulate economic opportunities through loans, technical support and partnerships.” Since 1978, NESDEC has assisted 1,194 small businesses with $66.4 million in lending capital and business development services. NESDEC has devoted its work in community and economic development to raising the economic welfare of low-income residents in the rural service area. NESDEC’s vision is to have stable and growing communities.

Category: GROW SD

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GROW South Dakota
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