There are many wonderful success stories that come from the NESDCAP and NESDEC programs. Here are a few of our favorites:
• Dakota Foundry
In October 2003, many employees of the foundry in Webster were told they would be out of a job. What happened next is astounding. The workers of the former Mereen-Johnson Foundry decided to band together and risk their retirement savings to keep jobs and secure a future for themselves and their families.
With the money raised from the employees of the foundry, a loan from the Northeast South Dakota Economic Corporation and a local bank, the foundry was purchased from Mereen-Johnson and renamed Dakota Foundry. Since the purchase, the employee-owned foundry has consistently shown increases in sales, beyond many of the employees wildest dreams. Dakota Foundry now employs 35 full and part time employees. Congratulations to the employees of Dakota Foundry for keeping this business in Webster and making it a success.
• NESDEC Has Another Successful year
One example of a past success: An entrepreneur started working at a small town grocery store where the owner was looking to sell his business. NESDEC helped package a loan along with a subordinated personal loan by the store's owner. The entrepreneur now owns two small town groceries and has nine employees.
Over 2005, NESDEC continued its success by closing over 100 loans to area businesses, and assisted in creating or retaining 553 jobs. At year end NESDEC has 326 active loans, which has impacted citizens in 22 northeastern counties.
• Repair Works Adds Great Value to Home (from home page)
Phyllis Lindner had been living in her house in Aberdeen since 1965. In the 41 years she lived there, she and her husband raised 7 children; 1 boy and 6 girls (two of which were twins). When her husband passed away in 2005 due to a long illness, Phyllis became aware that her home was in need of some repair.
With the help of NESDCAP, Phyllis was able to evaluate the repairs that were necessary to her home. It was originally determined that the house needed new paint and windows. However, there were concerns about the lead-based paint used on the house, and ultimately it was decided to remove the original wood siding and replace it with vinyl siding.
Phyllis originally began the work on her home with a grant she received from NESDCAP, however the grant funds were not enough to complete all the needed repairs. Having heard about Rural Development from an aquaintance, Phyllis contacted the Aberdeen and Rural Development Office, they processed Phyllis' application and determined she would be eligible for a 504 loan with 1% interest. This loan would provide the balance of the funds needed to complete the work on the house.
Phyllis' home is now looking good! New siding and windows makes it much easier for Phyllis to relax and enjoy her home for years to come.
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