The 8th Annual Governor’s Native American Summit was held last week at Utah Valley University in Salt Lake City, Utah. Utah’s Rural Development State Director Wilson “David” Conine wanted to share with attendees the importance a community development financial institution (CDFI) can play in tribal development. He turned to his counterpart, South Dakota Rural Development State Director Elsie M. Meeks who has over 20 years of experience working for Native community economic development.
Meeks recognized CDFI as an important part of the infrastructure for delivering consistent funding for housing and small business development activities that benefit low and moderate income people. They combine multiple sources of public and private capital in order to make loans and investments available in ways tailored to the particular underserved geographies and types of businesses or borrowers. Developing capacity among these types of organizations can increase utilization of USDA programs in a region, many of which provide long-term below-market capital for permanent improvements in rural areas. Read more »
Cross posted from the White House Blog:
This week is National Small Business Week. The U.S. Small Business Administration (SBA), along with agencies across the Obama Administration, are hosting events in five cities. These events provide expert advice, mentoring and explore topics ranging from access to capital to exporting. Small businesses across the country can tune into these events via livestream at sba.gov.
America’s small businesses create two out of three net new private sector jobs in our economy. And today more than half of all working Americans either own or work for a small business. Our goal is to ensure that the positive economic benefits of entrepreneurship can reach every corner of the country. Read more »
It has been nine years since the employees of the Mereen-Johnson Foundry banded together and risked their retirement savings in order to keep their jobs and secure a future for themselves and their families by buying the foundry. Dakota Foundry, Inc. is a manufacturer of gray and ductile iron castings, located in Webster, South Dakota, and it was on the brink of closure until the employees stepped up to the plate. Read more »
Susan M. Corbett owns and operates Axiom Technologies, a telecommunications company headquartered in Machias, Maine. Axiom was able to expand and purchase its own building with funding support through USDA. USDA photos.
Earlier this month, Revolving Loan Fund partners representing 13 Maine Intermediaries and 8 Microenterprise Development Organizations gathered at the USDA State Office in Bangor to listen to and share ideas for investing in rural Maine businesses. This meeting was one of dozens of Revolving Loan Fund Roundtables taking place around the country to assist USDA’s Intermediary Relending Program (IRP) and Rural Microentrepreneur Assistance Program (RMAP) providers share Best Practices and challenges encountered in financing business projects in rural areas. In Maine, there is approximately $9.3 million in existing revolving loan funds for credit-worthy businesses seeking capital. Read more »
Applications are being accepted starting today from qualified non-profit and public organizations (intermediaries) to provide loans to create jobs by promoting new business development. Funding will be made available through USDA’s Intermediary Relending Program (IRP). Intermediaries work as partners with USDA and serve as a critical component to boosting local economies.
The Intermediary Relending Program is USDA Rural Development’s primary program for capitalizing revolving loan funds. Since President Obama took office, the program has created or saved an estimated 20,000 jobs nationwide. Read more »
Nobody in the audience was checking emails or text messages. No one was squirming and looking at the clock. In fact, all of the attendees were riveted to the presentations.
The event was a recent Revolving Loan Fund Roundtable sponsored by USDA Rural Development in Phoenix, Arizona.
Lyle Frederickson with Great Western Bank observed the attentiveness and speculated that was because the lenders in the room represented small communities…and rural communities are crying out now more than ever for help capitalizing their small businesses. Read more »