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Business Programs Success Stories
South Dakota
Business and Industry Guaranteed Loan Program
Outline of Need:
Mettler Fertilizer, Inc. was awarded a loan in the amount of $1,500,000, which was used to complete business expansion at two new locations and the consolidation of debt for past expansion (about 1/3 of total loan).
The Results:
Jobs created/saved and businesses assisted: As a result of this program, 16 jobs were created. Currently the business has 35 full time and 20 part time employees.
Rural Business Enterprise Grant
Name of lender/borrower/grantee:
Four Bands Community Fund, Inc.
Project:
Micro Business Incubator
City and State:
Cheyenne River Sioux Tribe Reservation – Eagle Butte, SD
Program/Dollar Amt./Date Closed or Obligated:
RBEG
| $55,000 |
2005 |
09/12/05 |
| $60,000 |
2004 |
09/29/04 |
| $50,000 |
2002 |
09/26/02 |
RBOG
| $75,000 |
2005 |
09/12/05 |
| $95,000 |
2004 |
09/29/04 |
| $50,000 |
2002 |
09/26/02 |
Description of the project:
As noted above the grantee has received several grants over the years to provide technical assistance, create a revolving loan fund, as well as educating their people on managing a business including business finances all as part of their business incubator project. This project has met many of our Agency’s objectives by providing the necessary funding to the applicant to help establish and create small and emerging private businesses in a reservation area which has historically been a high poverty and high unemployment area, thereby creating hope and opportunity to the lives of many rural American Indian families and population. Many businesses have been started as a result of this project, and better yet, even more business entrepreneurs have been given training, education, and a culture of self-determination than ever before. To learn more about this project visit the following website at www.fourbands.org/services.htm
Congressional Representation:
Senator Tim Johnson; Senator John Thune; and Congresswoman Stephanie Herseth
Jobs created/saved and businesses assisted:
Jobs Created / Saved: 70; and businesses assisted: 139
Intermediary Relending Program
Outline of Need:
Northeast South Dakota Economic Corporation (NESDEC) has been in operation since 1978 and has been active in the IRP program since its first loan was closed in 1994. NESDEC’s IRP loan program covers 14 counties in South Dakota. Since 1994, they have provided assistance to 720 businesses totaling 1,068 loans. Currently they have 331 active loans totaling more than $8.59 million. NESDEC has been successful in promoting community and economic development in the areas of capital investment, job development, increased tax growth and improving conditions for job and business development especially for under represented groups in rural America. This success is consistent with the purpose of the IRP Program.
The Results:
NESDEC has assisted in creating or retaining 4,316 jobs in its history. History shows that a job has been created for every $5,304 in revolved loan fund expenditure.
Rural Business Opportunity Grant
Outline of Need:
The Micro Business Incubator project has met many of our Agency’s objectives in the fact that it has provided the necessary funding to the applicant to help establish and create small and emerging private businesses in a reservation area which has historically been a high poverty and high unemployment area, thereby creating hope and opportunity to the lives of many rural American Indian families and population.
How Rural Development Helped:
$95,000 was awarded for this project in 2004 and $50,000 in 2002
The Results:
Many businesses have been started as a result of this project, and better yet, even more business entrepreneurs have been given training, education, and a culture of self-determination than ever before. Overall, 70 jobs were created and 139 businesses assisted. To learn more about this project visit the following website at www.fourbands.org/services.htm
Rural Economic Development Loan Program
Outline of Need:
The Artesian/Letcher School District Project was awarded $450,000 for the construction of new K-12 school building. The school is in operation for its first school year and is a very attractive new facility. This particular project is a great example of what can be done with very strong community support.
The Results:
There were 55 jobs created as a result of this project.
Rural Economic Development Grant Program
Outline of Need:
The Marshall County Healthcare Center expansion project involves an 8,400 square foot addition to a house for healthcare services and was awarded $400,000. The facility serves approximately 400 inpatients and 9,000 outpatients per year. The addition was needed for the continuation of providing adequate services.
The Results:
As a result of this program 24 full time and 42 part-time are expected to be added when the project is completed.
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