Washington, DC –U.S. Senator Tim Johnson (D-SD) announced today that the Southeast Development Foundation in Sioux Falls will receive a grant of $500,000. The funding has been awarded by the Economic Development Administration (EDA) to recapitalize the foundation’s revolving loan fund, which will allow for new low-interest loans to businesses that were severely impacted by the Midwest floods of 2008. It is expected that this funding will create up to 300 jobs.
Earlier this year, Johnson pushed the EDA to promptly distribute this funding to help the area continue to recover from the storms.
“The flooding in 2008 left many businesses in the area dealing with additional hardships during an already tough economic slowdown,” Johnson said. “This funding for the Southeast Development Foundation will help the region recover by creating hundreds of jobs and bringing needed investments to the local community.”
According to the organization, the non-profit Southeast Development Foundation was created to stimulate economic development through the creation of a regional Revolving Loan Fund for residents and businesses in Clay, Lincoln, McCook, Minnehaha, Turner, and Union counties in southeastern South Dakota.