REED Fund Issues $900,000 Loan to Support New Business Park in Corsica, South Dakota

Twenty-five years ago, the residents and business owners of Corsica, South Dakota, worked together to build a business park. The goal was to support economic development by attracting companies to the region, providing jobs, and increasing tax collection.

Today, there is only one available lot left in the existing business park and Corsica is preparing to grow again. It recently secured a $900,000 loan from the REED Fund, working with the Douglas Electric Cooperative, to develop a second business park.

“We’re excited to see our local communities grow,” says Jay Spaans, Manager at Douglas Electric Cooperative. “Electric coops are designed to assist members in achieving their goals, and this loan will set Corsica up for success for the next several years.”

Learn more about the new business park and the committed residents who made it happen. 

Businesses Can Move Into Flexible Lots Across 24.05 Acres

When the business park is complete, it will sit across 24.05 acres and offer highway access to U.S. 281. Some of the lots will have highway exposure if companies want to market their storefronts to customers driving by.

The original plan was to develop 16 lots, but the current designs aren’t solid. This means that tenants who want to move into the business park before construction begins can submit special requests for their spaces. Companies that need extra room or want smaller spaces can receive special accommodations and move into facilities that were designed just for them.

The Corsica Development Corporation, the organization that received the REED Fund loan, recently closed on the land and started dirt work in September. It will continue to invest in infrastructure building, including water, sewer, and electrical work, until the start of winter. Luke Bamberg, President of the Board for the Corsica Development Corporation, expects paving to start in the spring or summer of 2025.

However, lots within the business park can be bought at any time. Anyone who is interested in touring the land and learning about the park can contact Bamberg at LukeBamberg@gmail.com.

“It’s been a two or three-year process to get this going,” says Bamberg. “Once you get to the groundbreaking and all the paperwork is done, the project gets exciting.” 

Corsica Development Corporation is Made of Resident Volunteers

Corsica is a town of 600 people, which is why some communities are surprised that it will soon have two business parks. However, these efforts were made possible by the Corsica Development Corporation, a group of unpaid volunteers who live in the area and who are passionate about seeing it grow.

“We wanted to bring together a good group of people who were excited for growth,” says Bamberg.

The Corporation has around 12 board members who are individuals, business owners, or stakeholders in Corsica. The board meetings cover everything from investing in town maintenance to supporting residential and commercial development.  

This is actually the second REED Fund loan that the Corsica Development Corporation has received. In 2019, it closed on a loan to support the infrastructure of a 19-lot residential park.    

“A non-profit development corporation like ourselves isn’t making money hand over fist,” says Bamberg. “The REED Fund is extremely helpful for supporting our engineering and infrastructure costs.” 

Corsica is Fueled by Passionate Individuals 

Bamberg says he has an aggressive board that represents a dedicated community. This means he is surrounded by people who are willing to work hard and fight for the best interests of Corsica.

“It’s always nice to hear people from other communities ask, ‘How is Corsica getting things done?’” says Bamberg. “We do more than larger communities and have fewer resources than them. Our community has found that taking risks is worth it. They pay off in the end.”

Bamberg also admires how the residents of Corsica invest in each other. People support local businesses and want to see their neighbors, entrepreneurs, and investors thrive. 

Learn More About the REED Fund

The REED Fund works with 26 electric cooperatives across South Dakota and Minnesota, including Douglas Electric. It supports various projects that improve the infrastructure, housing, job opportunities, and quality of life of cooperative residents. This loan to support the business park can contribute to economic development in Corsica for decades to come.  

“We are here to see our communities grow and prosper,” says Spaans. “Local electric cooperatives and the REED Fund are made to help our small towns. Projects like this business park can attract businesses and boost communities across South Dakota.”

Learn more about the REED Fund and other projects it has funded. Contact us, or your participating electric cooperative, to discuss your loan options.