Dakota Business Lending Receives a Second $30 Million New Markets Tax Credits Award
Nov 7, 2022
Dakota Business Lending has been selected by the U.S. Treasury Department's Community Development Financial Institution (CDFI) Fund to receive $30 million in New Markets Tax Credit (NMTC) allocation. This is their second NMTC allocation. They were awarded $30 million in 2021 and remain the first and only North Dakota based financing entity to be chosen and one of the country’s top 100 community-focused organizations recognized this year.
NMTC is run and administered through the U.S. Department of Treasury. This year, the program allocated a total of $5 billion to 107 of the 199 Community Development Entities (CDEs) applicants throughout the nation through a competitive and challenging application process, who then use their allocations to further the mission of the program: to encourage and jumpstart investment in low-income census tracts to create jobs, bring new opportunities to qualifying areas, and fill a financing gap for transformative projects.
Dakota Business Lending allocated their first $30 full award, received in September of 2021, to four qualifying businesses across North Dakota in under 11 months. The program had a $107 million direct project impact and helped create and retain 325 permanent jobs for citizens across the state. “Given our ability to deploy the funds in such a short amount of time, it is evident that the demand for a unique financing program like NMTC is much higher than anticipated,” commented Steve Dusek, President & CEO. “We are excited to use this second allocation continue to meet that demand, provide this unique opportunity for businesses, and spread the economic impact even further.” Dakota Business Lending will continue to maximize and spread economic impact by encouraging the “pay-it-forward” concept, asking businesses assisted through the program to “repay” the kindness by financially supporting local organizations in need.
As North Dakota’s top SBA 504 lender for the past 12 years, Dakota Business Lending provides creative and affordable small business financing solutions and technical assistance that promotes economic development and prosperity in our communities.
Dakota Business Lending has several projects in the pipeline for consideration and are also working on the application for the next round of funding. Please contact one of the Dakota Business Lending loan officers with any potential projects and visit their webpage for more information. The organization looks forward to providing this opportunity and continuing to impact this great state.