South Dakota banks, Community Development Financial Institutions (CDFI) and others took part in a one day workshop held in Chamberlain, South Dakota on May 12, 2011. Attendees were given the opportunity to learn more about the Small Business Jobs Act of 2010 and SBA and USDA programs and their benefit to the nation’s economy as well as local economics.
Hailed as a success, the workshop gave all those in attendance an opportunity to network and share a combined vision in increasing access to capital and creating jobs in South Dakota.
Dan Hannaher, SBA Regional Administrator for Region 8, gave the initial overview of the major programs under the Act, including the Small Business Lending Fund and the State Small Business Credit Initiative. Jeff Stout from the Office of Capital Access, US Department of Treasury, gave additional detail specifically on the State Small Business Credit Initiative with fellow panelists from the South Dakota Governor’s Office of Economic Development.
Luncheon keynote was provided by Richard Todd, Vice President of the Federal Reserve Bank of Minneapolis. Dr. Todd’s presentation was titled “Small business and the Economy – A National and Local Picture”.
Panelists from the SD Division of Banking and Finance, FDIC, OCC and Federal Reserve Bank of Minneapolis gave regulatory perspectives on how they consider government-enhanced guarantee programs for safety and soundness. Representatives from the U.S. & Foreign Commercial Services and SD-SBA covered assistance available to businesses in funding export markets.
The day concluded with a panel with representatives from the South Dakota Rural Enterprise Initiative, Four Banks Community Fund and South Dakota-SBA. The panel gave a CDFI perspective of the Community Advantage Program and the role of community development organizations in the state.
For more information about how USDA business programs can help you or your business click here.
