Funding for Community Improvements

Dakota Resources Announces $5.25 Million in Funding for Community Improvements

RENNER, S.D. - Dakota Resources, an organization based out of South Dakota that brings together capacity and capital to ensure a thriving rural community, has announced that $5.25million in funding is available through the Community Facilities Relending Program (CFRP).

The program, which is offered through the United States Department of Agriculture, allows lending to public bodies, nonprofi ts, and tribes for use on projects such as public facilities, street improvements, community service facilities, public safety services, and educational services, to name a few. Rural communities in South Dakota with fewer than 20,000 residents are encouraged to apply.

“These funds are for foundational community projects that can really have an impact on the community, such as a hospital, community center, or school,” said Terri LaBrie, Dakota Resources’ Director of Community Lending and Finance Coach, who is coordinating this program. “These projects not only create an impact in the sense of jobs, but also in creating the culture of a community. We believe that these types of facilities are at the heart of a thriving rural community.”

Funds are offered for up to a 33-year term, with monthly principal and interest payments amortized over the life of the loan with no penalty for prepayment or early principal payment. Pre-approval is granted for up to 12 months. Loans are available at a minimum of $100,000, and maximum loan value is dependent upon a variety of factors. Rates as low as 3% are available for qualifi ed borrowers, based on terms, with a loan fee of 1% due at origination or upon renewal. Minimum fi nancial and impact ratings apply.

For more information about this program or to apply for these funds, please reach out to Dakota Resources via email at info@dakotaresources.org. ■

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