Southwest Initiative Foundation is one of eight national recipients of CoBank’s new Rural Prosperity Grant Program. The program is designed to foster sustainable rural development and enhance regional collaboration by providing grant funding to designated rural development hubs.
“CoBank is excited to bring together our eight grantees for the inaugural year of this initiative to help ensure a thriving, prosperous and resilient future for rural America,” said Leslie Hagele, CoBank’s vice president of corporate social responsibility. “Through the Rural Prosperity Grant Program, we hope to amplify local voices while supporting community-led solutions to address the unique challenges many rural communities face.”
In its inaugural year, CoBank has awarded $1.5 million in total unrestricted grants to organizations selected to serve as catalysts for positive change within their regions, representing nonprofit organizations, community development financial institutions, community foundations and statewide rural organizations. These rural development hub organizations act as place-rooted entities that work across sectors to advance equity, health and prosperity in rural communities.
Funding rural prosperity
The Rural Prosperity Grant Program and its grantees will work together to address critical needs within rural communities – with key focus areas including entrepreneurship and business development, leadership and civic engagement, economic development and rural infrastructure as well as rural health and well-being.
SWIF will use the grant funding for three priority areas of work in southwest Minnesota:
- the retention and development of child care programs
- supporting high school student career exploration
- investing in staff capacity and development for SWIF’s subsidiary Southwest Minnesota Community Capital, in pursuit of certification as a Community Development Financial Institution (CDFI)
“We are honored to be selected and grateful for CoBank’s innovative leadership in launching this visionary grant program,” said Briana Mumme, director of Southwest Minnesota Community Capital. “It demonstrates a bold commitment to being part of the solution for strengthening rural communities. This presents an incredible opportunity for SWIF to continue working on critical priorities.”
About CoBank
CoBank is a cooperative bank serving vital industries across rural America. The bank provides loans, leases, export financing and other financial services to agribusinesses and rural power, water and communications providers in all 50 states. The bank also provides wholesale loans and other financial services to affiliated Farm Credit associations serving more than 78,000 farmers, ranchers and other rural borrowers in 23 states around the country.
CoBank is a member of the Farm Credit System, a nationwide network of banks and retail lending associations chartered to support the borrowing needs of U.S. agriculture, rural infrastructure and rural communities. Headquartered outside Denver, Colorado, CoBank serves customers from regional banking centers across the U.S. and also maintains an international representative office in Singapore.
