27 Apr 2022
We are spotlighting economic development activities during the second week of May to celebrate Economic Development Week (EDW). REED Fund is primarily focused on promoting economic growth and prosperity throughout rural communities in South Dakota and Minnesota. We partner with economic development lenders in order to provide financing for community businesses and projects. Working alongside local partners assists in creating opportunities for residents and businesses in the rural South Dakota and Minnesota regions.
May is the perfect time to recognize and appreciate the ongoing efforts of REED Fund and the efforts of the surrounding communities. In 2016, International Economic Development Council (IEDC) created Economic Development Week in an effort to increase awareness of local programs that generate career opportunities plus enhance the overall quality of life in a specific community.
Economic Development Week sheds light on economic developers, what they do, and why their work is so important. Many people aren’t aware of economic development or what REED Fund does for South Dakota and Minnesota rural communities. We are focused on creating jobs in the area, improving infrastructure, and promoting growth, with the overall mission of making strides toward an ever-growing economy.
REED Fund loans have helped contribute to a multitude of big projects within our communities. Our financing initiatives include the following.
REED Fund provides financing for various community projects such as education, arts and recreation, public safety, emergency services, and community infrastructure. Applicants include civic and philanthropic organizations, educational facilities, local governments, nonprofit development organizations, and more.
The business loans assist in several industries including service, retail, manufacturing, tourism, and technology sectors plus nonprofit development organizations. One example of this is when REED Fund helped finance the construction of the 16,000 square-foot AutoMaxx building and its spacious car lot.
Even more specifically, REED Fund offers agri-business loans. These loans support projects that add value to agriculture production in local rural communities throughout South Dakota and Minnesota.
REED Fund housing development loans are offered to nonprofit and private developers. Housing funding can go towards multi-family and single-family rental homes, homes for sale, plus improvements made to properties for resale or rental.
REED Fund places high importance on health care funding. These funds can go toward buildings and equipment for health care establishments including hospitals, medical clinics, emergency services, and assisted living facilities.
So far, REED Fund has assisted a total of 29 health care facilities. One health care center that benefited from REED Fund was Sun Dial Manor. The funds supported the purchase and installation of a new generator meant to keep residents safe during power outages.
These initiatives ultimately improve infrastructure in rural areas, promote growth, and contribute to the creation of jobs. REED Fund continues to be active and involved in the economic development of our community.
Thank you to our community members who have supported and continue to support the efforts of REED Fund. We appreciate you!