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Northeast South Dakota Economic Corporation

104 Ash Street East
Sisseton, SD 57262

Contact: Lori Finnesand, Executive Director
Phone: 605-698-7654
Fax: 605-698-3038
URL: www.nesdcap.org
Email: lorif@nesdcap.org
Northeast South Dakota Economic Corporation

The Northeast South Dakota Economic Corporation (NESDEC) was established in 1978 to increase business and job development, which was suffering due to the out-migration caused by the demise of the family farm. NESDEC's mission is to stimulate economic opportunities through loans, technical support and partnerships. NESDEC administers five loan programs, providing opportunities for low- to moderate-income individuals to secure loans. NESDEC has provided over $28.2 million in financing, helping maintain or create 5,726 area jobs.

Program

NESDEC administers five loan programs:

Client Population

NESDEC serves clients living in rural areas in 22 counties in South Dakota. Thirty-one percent of NESDEC's borrowers are women. A majority of borrowers are Caucasian, one percent are African American, two percent are Native American and two percent other minorities. Thirty percent have a household income at or below 80 percent of the area's median income. NESDEC focuses on the underserved, underprivileged and low-income populations. Most of NESDEC's borrowers have low equity. They are often considered "unbankable" without the assistance of NESDEC. They seek to better their economic conditions by starting, developing or expanding a business.

Impact

In the past 3 years, NESDEC has averaged 76 loans per year totaling over $3 million. Since its inception, NESDEC has made 1,201 loans to 784 businesses; its loan activity totaling over $28.2 million. NESDEC has assisted in creating or maintaining 5,726 area jobs as well as financing 45 small-scale, light manufacturing firms. NESDEC has a collection rate of 98 percent. NESDEC has financed an additional 80 housing loans totaling over $1.4 million.

Story

Northeast South Dakota Economic Corporation
When asked how NESDEC has helped, Ron Erickson, Airport Café Owner, responded, “NESDEC has really helped to secure my finances and get my business up and running.”
One of NESDEC’s goals is job creation and the Airport Café has done exactly this. Currently the Airport Café has nineteen employees all striving to excel in one thing that is important to everyone, customer service! This business is family owned with the freedom of making their own choices and pushing the business in what ever direction they need to travel to be successful. Full Story

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