For over 41 years, Dakota Business Lending (DBL) has been supporting small businesses in rural and underserved communities through unique financing programs. The organization is excited to announce that they are taking this mission to the next level as the first Community Development Financial Institution (CDFI) in North Dakota to partner with Goldman Sachs and their 10,000 Small Businesses initiative. This partnership will usher in new access to capital opportunities and business support services for underserved businesses across North Dakota, Montana, and Minnesota.
DBL is excited to amplify its impact by deploying these funds to small businesses, particularly in rural and underserved areas, who are at the heart of our local communities. With this additional capital, the organization can lend to even more small businesses and help them start, grow, and create a lasting impact in the communities they serve.
President and CEO of Dakota Business Lending, Steve Dusek, shared his enthusiasm for this pivotal development: “Access to capital and necessary business resources are paramount to the work that Dakota Business Lending (DBL) does on a daily basis. For over 41 years, providing small businesses with innovative capital solutions has been our top priority, and our partnership with Goldman Sachs is one significant step forward that continues to alleviate access to capital concerns for small businesses. Through our newly formed CDFI, we remain committed to providing small businesses with the flexible and innovative capital they need to start, grow, and expand their businesses and, in turn, providing economic growth in the communities across our footprint.”
CDFI certification is a federal program governed by the U.S. Department of Treasury that seeks to promote economic revitalization and community development in low-income, disadvantaged, and underserved communities. The goal of DBL’s CDFI program is to “help business owners create what they want, in the place they want, within the means they have,” by filling the gap through specialized lending and business education programs for entrepreneurs who lack access to capital or needed resources due to low-income challenges. Low-income business owners OR businesses that provide products of services to underserved populations qualify for DBL’s CDFI programs.
DBL’s CDFI team is led by Michaela Schell, Entrepreneurial Development Director, and Emily Schroeder, Community Lending Director. Schell and Schroeder are proud to be at the forefront of helping provide these unique opportunities to business owners, making an even larger impact, and collaborating with like-minded organizations to address the needs that DBL has been dedicated to addressing for over four decades.
DBL will be rolling out more information about these programs and support services soon. For more information about the CDFI programs or to see if you qualify, visit their webpage or contact Michaela or Emily.