"Wells Fargo recognizes that we're only as strong as the communities we serve, and we must do our part to support economic development, business expansion and job creation in every corner of South Dakota," said Clint Waara, Wells Fargo community development officer. "For this reason, South Dakota Rural Enterprise is a tremendous asset to our state and an organization we're proud to support. Its work spurs business growth and provides rural South Dakota development organizations the tools and resources they need to succeed."
The nonprofit South Dakota Rural Enterprise provides loans and other support to local economic development groups in South Dakota communities. South Dakota Rural Enterprise will use Wells Fargo's investment to expand its existing $6.5 million loan fund.
Community development organizations use the fund to extend business and community loans, finance industrial park development and address other needs. The investment is Wells Fargo's second half-million dollar commitment in five years.
"This investment gives South Dakota Rural Enterprise the ability to dramatically increase community development lending in the state and ultimately, support business development throughout South Dakota," said Beth Davis South Dakota Rural Enterprise president. "We are very appreciative of Wells Fargo's assistance and support. This investment will ensure that every community from Mobridge to Yankton and Sisseton to Winner has access to capital for business growth efforts."
In addition to the Capital Investment Fund, South Dakota Rural Enterprise financing programs include the South Dakota Community Capital Fund, First Children's Finance, Dakotas America New Market Tax Credits and a new program to support the creation of regional micro-enterprise programs in South Dakota.
The organization seeks to help communities, economic development groups and other community development entities with limited resources to explore economic and community development solutions on their own.
South Dakota Rural Enterprise also conducts research and adapts products, services and training programs to the specific needs of South Dakota.
Wells Fargo provides financial services from 56 stores in 39 South Dakota and southwestern Minnesota communities and employs more than 4,000 team members throughout the region.