Wells Fargo Invests $1 Million Toward Rural Small Businesses in South Dakota

Akiptan and GROW South Dakota receive grants to expand economic  opportunity for rural and tribal entrepreneurs statewide 

Mobridge, SD – Aug. 11, 2025 – The Wells Fargo Foundation recently announced a  $1 million philanthropic investment to support small business growth across South  Dakota, with a focus on empowering entrepreneurs in rural and tribal communities. The  funding will be distributed evenly between Akiptan, a Native-led community development  financial institution, and GROW South Dakota (GROW SD), a statewide economic  development organization, providing critical resources and capital to small business  owners and agricultural producers throughout the state. 

As Senate Majority Leader John Thune (R-S.D.) highlighted at the announcement in  Mobridge, investing in rural small businesses means investing in the future of South  Dakota: “Small businesses are an essential part of the fabric of our communities and our  way of life in South Dakota. They provide good-paying jobs and opportunities for so many  hardworking folks across our state. This investment will go a long way in helping them grow  and create new jobs, especially in rural and tribal communities.” 

Jason Rosenberg, head of Public Affairs for Wells Fargo, emphasized the bank’s history in  South Dakota at the event and the importance of community investment: “Wells Fargo is  proud to support small businesses by expanding avenues to capital as they create  economic growth and bring jobs to towns throughout the state and the country. With this  new funding, Akiptan and GROW SD can help more small businesses thrive in rural and  tribal communities across South Dakota.” 

Akiptan expands opportunities for agricultural producers 

Akiptan’s mission is to transform Native agriculture and food economies by delivering creative capital, leading paradigm changes, and enhancing producer prosperity across
Indian Country. Since lending operations began in 2019, Akiptan has addressed the gap in access to capital by offering patient, non-extractive lending tailored for producers across  Indian country. For Akiptan, each agricultural operation is more than just a business - it’s a  family legacy and a way of life. 

“We are excited and humbled to receive these funds from Wells Fargo,” said Skya  Ducheneaux, Executive Director, Akiptan. “We can’t wait to put these dollars to work in  Indian Country by supporting agriculture operations. Especially in South Dakota,  agriculture is a root-level driving force of the economy that we are proud to support.” 

GROW SD supports rural small business success 

GROW SD will directly support rural economic development by expanding access to capital  and by providing business support for small business owners, enabling business growth  and the preservation or creation of jobs. All participating businesses will also benefit from  customized technical assistance, including one-on-one advising and targeted training in  areas such as cash flow forecasting, credit counseling, and marketing. 

"Access to capital remains one of the greatest challenges in our rural communities, and  this collaboration allows us to deliver the critical funding and assistance that local  entrepreneurs need to grow and succeed,” said Marcia Erickson, GROW SD Co-CEO. “It is  also a privilege to work alongside Akiptan in this partnership and to support its efforts in  serving farm producers." 

"This $1 million investment into South Dakota from Wells Fargo will strengthen local  economies and create a lasting impact across the communities we serve. We are grateful  to be able to expand the reach of our work across rural communities," Lori Finnesand, Co CEO, added. 

For more information, small business owners can visit www.akitpan.org  or  www.growsd.org.  

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Media Contacts:  
Maureen Nelson, GROW South Dakota, maureen@growsd.org 
Dawn LeBeau, Akiptan, dawn@akiptan.org 
Kim Erlichson, Wells Fargo, kim.erlichson@wellsfargo.com