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Northeast South Dakota Economic Corporation (NESDEC)
Sisseton SDCDFI Awards for Northeast South Dakota Economic Corporation (NESDEC)
FA (2008) - $1,094,609
Northeast South Dakota Economic Corporation (NESDEC) is a nonprofit loan fund in operation since 1978 NESDEC is a certified CDFI providing business loans, housing loans, loan guarantees and development services in twenty-two counties in northeast South Dakota NESDEC is receiving an FY08 Financial Assistance award of $1,000,000 for capitalization of its revolving loan fund and an FY08 Technical Assistance grant of $94,609 to strengthen capacity by paying for: 1) a portion of staff salaries and fringe benefits; 2) staff or board training and travel; 3) computer upgrades and communications costs; and 4) a portion of Other direct telecommunication and internet expenses.
FA (2006) - $585,000
The Northeast South Dakota Economic Corporation (NESDEC) is a certified CDFI established in 1978. NESDEC provides economic opportunities to the residents of its 22 county South Dakota service area through the provision of capital and development services, which include business loans, housing loans, technical assistance to help prepare borrowers for financial products, and partnerships with financial institutions and other organizations. The 2006 Financial Assistance Award of $492,000 will enable NESDEC to increase its lending capital base to meet increased demand for its existing loan products. NESDEC will use the 2006 Technical Assistance Award of $93,000 to: 1) provide training for its staff and board in the areas of loan fund, risk, and financial management; 2) purchase office systems equipment; 3) obtain a CARS assessment; 4) hire a loan management support position; and 5) develop an online application and upgrades to its website.
FA (2005) - $607,810
NESDEC will use the $642,200 financial assistance award to increase its provision of first mortgage loans. The technical assistance grant of $39,800 will be used to ensure that NESDEC"s organizational infrastructure is properly prepared for this expansion in products and services.
CORE (2001) - $400,000
The $400,000 grant from the CDFI Fund will enable NESDEC to expand its lending to low-income entrepreneurs and businesses who plan to create or retain jobs for low-income individuals.
CORE (2000) - $980,000
The CDFI Fund"s $980,000 loan will help NESDEC continue to meet the demand for business loans, microenterprise loans, and other financing products in its target market.
CORE (1999) - $550,000
The CDFI Fund"s $550,000 award ($500,000 capital grant, $50,000 technical assistance grant) will help NESDEC expand its existing revolving loan fund and provide more program flexibility.
Other Community Development Financial Institutions in South Dakota
Dakotas America, LLC
Sioux Falls
First Nations Oweesta Corporation
Rapid City
Four Bands Community Fund, Inc.
Eagle Butte
Grow South Dakota
Sisseton
InterTribal Bison Cooperative
Rapid City
Lakota Fund, The
Kyle
Mazaska Owecaso Otipi Financial, Inc
Pine Ridge
Oglala Sioux Tribe
Pine Ridge
Oti Kaga, Inc.
Eagle Butte
Sisseton Wahpeton Sioux Tribe
Agency Village
South Dakota Rural Enterprise, Inc.
Sioux Falls SD
South Eastern Development Foundation
Sioux Falls
Teton Coalition, Inc.
Rapid City
The Harvest Initiative, Inc
Fort Thompson
The Sicangu Fund
Mission
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