Four Bands Receives Grant Funding for Business Incubator
June 15, 2017
We are pleased to announce that we have received two funding awards totaling $670,000 that will move the development and construction of a business incubator in Eagle Butte forward.
Four Bands was one of 55 organizations across the nation that received a $500,000 award from the Project Reinvest: Neighborhoods grant program. The program awarded a total of $27.5 million to nonprofits working in areas that continue to suffer from effects of the foreclosure crisis.
“The foreclosure crisis had a unique impact here on Cheyenne River, and what we experienced was different than the trends in mainstream America. We are grateful that Project Reinvest recognized that diversity and is supporting the revitalization of our business district,” says Lakota Vogel, Executive Director of Four Bands.
By the end of the foreclosure crisis, Cheyenne River had 69% fewer businesses, and business lending had dropped 72%. “In looking at that, it affirmed that our investments into our business sector are critically important,” says Vogel.
Four Bands also received a $170,000 Local Infrastructure Improvement Grant from the South Dakota Governor’s Office of Economic Development. Four infrastructure grants totaling of $1.1 million were awarded to political subdivisions or local development corporations to construct or reconstruct infrastructure for the purpose of serving economic development projects.
“We are honored to receive this grant from the state, and we are pleased to see the Governor’s Office investing in Indian Country,” says Vogel.
Four Bands has been working for the last three years to design an incubator program that will increase the number of local businesses, create jobs, and generate income for families. “The incubator will provide physical space and support services that not only help with the launch of a business, but also ensure the business thrives on a long-term basis,” says Vogel.
The business incubator is a sustainable approach to development which will enrich the quality of life for the residents by offering a wide range of lifestyle amenities.
“This funding from Project Reinvest and the Governor’s Office is an important part of moving this project from the research and planning phase into actual construction,” says Vogel.
The plan includes a new 5,237 square foot 1-story business incubator facility that will feature retail, office, and restaurant spaces, a shared meeting space, as well as multiple other opportunities. The facility will house up to 11 new businesses. Construction is expected to be complete by the end of 2018.