South Dakota organization named finalist in Build Back Better Challenge
(The Center Square) – A project that would create a financial hub for Native American communities in North Dakota, South Dakota, Wyoming and Montana is one of 60 finalists in the U.S. Economic Development Administration’s (EDA) Build Back Better Regional Challenge, according to a news release from the U.S. Department Commerce.
The Four Bands Community Fund received $500,000 that can be used to pursue an award of up to $100 million in phase 2 of the program. The plans for the project, called the Mountain Plains Regional Indigenous Finance Industry, include a revolving loan fund, an innovations center and workforce and professional development.
The mission of the Four Bands Community Fund is to “create economic opportunity by helping people build strong and sustainable small businesses and increase their financial capability to create assets and wealth,” according to the organization’s website.
The Commerce Department named 60 projects as finalists out of 529 applicants, according to the news release. Funding for the $1 billion Build Back Better Regional Challenge comes from the American Rescue Plan Act. The goal of the challenge is to “assist communities nationwide in their efforts to build back better by accelerating economic recovery from the coronavirus pandemic and building local economies that will be resilient to future economic shocks,” according to the challenge’s fact sheet.
The finalists will compete for an additional award of up to $100 million that would go to 20 to 30 regional coalitions that are targeting a particular sector. The deadline is March 15.
“The Build Back Better Regional Challenge aims to supercharge local economies and increase American competitiveness around the globe,” U.S. Secretary of Commerce Gina Raimondo said. “The outpouring of interest in this program shows the demand for the Build Back Better agenda and the desire to not only create good-paying jobs but also strengthen our country’s economic resiliency for years down the road.”
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