Support for small business growth in South Dakota received a $1 million boost, with a focus on empowering entrepreneurs in rural and tribal communities.
The philanthropic investment from the Wells Fargo Foundation will be distributed evenly between Akiptan, a Native-led community development financial institution based in Eagle Butte, and GROW South Dakota, a statewide economic development organization based in Sisseton, providing critical resources and capital to small business owners and agricultural producers throughout the state.
At an announcement earlier this month in Mobridge (Aug. 7, 2025), South Dakota Senator and Senate Majority Leader John Thune said investing in rural small businesses means investing in the future of South Dakota. He said small businesses are an essential part of the fabric of our communities and this investment will go a long way in helping them grow and create new jobs, especially in rural and tribal communities.
Akiptan’s mission is to transform Native agriculture and food economies by delivering creative capital, leading paradigm changes, and enhancing producer prosperity across Indian Country. Since lending operations began in 2019, Akiptan has addressed the gap in access to capital by offering patient, non-extractive lending tailored for producers across Indian country. For Akiptan, each agricultural operation is more than just a business– it’s a family legacy and a way of life.
Skya Ducheneaux, executive director of Akiptan, said they can’t wait to put these dollars to work in Indian Country by supporting agriculture operations. She said especially in South Dakota, agriculture is a root-level driving force of the economy that we are proud to support.
GROW SD will directly support rural economic development by expanding access to capital and by providing business support for small business owners, enabling business growth and the preservation or creation of jobs. All participating businesses will also benefit from customized technical assistance, including one-on-one advising and targeted training in areas such as cash flow forecasting, credit counseling, and marketing.
Marcia Erickson, GROW SD Co-CEO, said access to capital remains one of the greatest challenges in rural communities, and this collaboration allows them to deliver critical funding and assistance that local entrepreneurs need to grow and succeed.
Lori Finnesand, Co-CEO, added that this $1 million investment into South Dakota will strengthen local economies and create a lasting impact across the communities they serve.
Jason Rosenberg, head of Public Affairs for Wells Fargo, said community investment is important to the company. He said with this investment, Akiptan and GROW SD can help more small businesses thrive in rural and tribal communities across South Dakota.
For more information, small business owners can visit www.akitpan.org or www.growsd.org.
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