Press Release

U.S. Department of Commerce Invests $500,000 to Create Jobs, Strengthen Economy in Southeast South Dakota

December 11, 2009

EDA Grant Expected to Create 300 Jobs and Generate $8 Million in Private Investment, According to Grantee Estimates

WASHINGTON - The U.S. Commerce Department's Economic Development Administration (EDA) today announced a $500,000 grant to the South Eastern Development Foundation of Sioux Falls, S.D., to help recapitalize a Revolving Loan Fund (RLF) that will provide gap financing to businesses in the region impacted by recent floods. The project is expected to create 300 jobs and generate $8 million in private investment, according to grantee estimates.

"Economic recovery and growth are top priorities for the Obama Administration," said U.S. Assistant Secretary of Commerce for Economic Development John R. Fernandez. "The RLF will help to promote entrepreneurship and create jobs by providing needed capital to new and expanding businesses in Southeast South Dakota."

"As businesses struggle to recover from the flood disaster and the recession, it is even more important for organizations like the South Eastern Development Foundation to exist," said Lynne Keller, Executive Director of the South Eastern Development Foundation. "In 2009, SEDF provided 14 businesses with funds to start a new business or expand their existing businesses which resulted in 75 jobs that were created or retained."

EDA is an agency within the U.S. Department of Commerce that partners with distressed communities throughout the United States to foster economic growth and job creation. Its mission is to lead the federal economic development agenda by promoting innovation and competitiveness and preparing American regions for growth and success in the global economy.

Additional information on how EDA investments are helping distressed communities create a positive and sustainable economic future can be accessed at: http://www.eda.gov.