Communities across South Dakota now have access to millions of dollars for funding new and expanding businesses thanks to the availability of an innovative new program to promote business development. The South Dakota Community Capital Fund (SDCCF), which was introduced by South Dakota Rural Enterprise, is designed to leverage local capital through access to national capital markets.

The concept was introduced around the state at roll-out meetings during September, and already several communities are on board, preparing to initiate capital funding to new and developing businesses in their areas. Among the first joining the fund are Gettysburg Whitlock Bay Development Corporation, the Mobridge Industrial Development Corporation and the Gregory Business Industrial Development Corporation.

“The great thing about SDCCF is our ability to originate an unlimited number of loans at up to ten times the amount we deposited in the fund,” said Gettysburg Development Director Mandy Luekens. “There is no limit on the number of loans we can make locally from SDCCF. It’s a great tool for encouraging entrepreneurs, aiding local business expansion or bringing new businesses into the community.”

According to South Dakota Rural Enterprise President Beth Davis, “Participants in SDCCF have the advantage of offering much larger loans than would be possible with limited existing local funds. In addition to greater lending flexibility for financing local development projects and significantly lower loan risk—participants have the support of a professional fund manager. We think it will significantly enhance the economic strength of any South Dakota community.”

SDCCF is ready to serve towns in every part of the state, providing a vital funding source for communities just like yours. For more information about SDCCF, or materials for joining the fund, contact South Dakota Rural Enterprise at 605-978-2804, or click here for more info on the SDCCF program.