GROW SD Receives Over $1.4 Million in CDFI Funding
Thursday, October 04, 2018
GROW South Dakota was recently awarded $1.45 million from the U.S. Treasury’s Community Development Financial Institutions Fund (CDFI Fund). GROW South Dakota and the Northeast South Dakota Economic Corporation (NESDEC), both of which are certified CDFIs, received the awards, which will expand their small business and first mortgage housing lending programs. The announcement came in September.
GROW South Dakota received a grant of $950,000 in CDFI Financial Assistance funds, which will support its direct lending program for housing mortgages. Of the total, $250,000 will be directed to focus on South Dakota counties identified by the CDFI Fund as areas of persistent poverty. NESDEC will receive $500,000 in a combination grant and loan, which will be dedicated to small business lending to support job creation. “We’re obviously thrilled to receive these grants,” said Lori Finnesand, Co-CEO. “We’re seeing demand for loans, and these funds will help us help people realize their dreams.”
Across the country, the CDFI awarded 302 CDFIs $202.2 million through the Financial Assistance Program. A CDFI since 1999, NESDEC has received a total of more than $8.1 million in grants and loans, primarily to support lending and some for technical assistance. GROW South Dakota has been a CDFI since 2008 and has received a total of more than $3.2 million all in grants. Altogether the two organizations have received over $11.3 million from CDFI.
GROW SD and NESDEC expect to receive the funds before the end of 2018 and will begin lending from the funds immediately. GROW South Dakota has served South Dakota communities since 1966. The organization excels at providing housing, community, and economic development to 10,000 customers annually.
GROW South Dakota consists of three separate private nonprofit agencies. More information can be found at www.growsd.org.
GROW SOUTH DAKOTA is an Equal Opportunity Lender, Provider, and Employer Complaints of discrimination should be sent to: USDA, Director, Office of Adjudication, 1400 Independence Ave SW, Washington DC 20250-9410.
Category: GROW SD, Success Stories