Reliabank and FHLB Des Moines Award Over $619,000 to Eastern South Dakota Organizations

Reliabank and FHLB Des Moines present a check for over $619,000 to support organizations in Eastern South Dakota, highlighting their commitment to community development.

Northeast Radio SD News - Watertown, SD - Reliabank, in a strategic partnership with the Federal Home Loan Bank of Des Moines (FHLB Des Moines), has announced a major capital infusion into eastern South Dakota. A total of $619,600 is being awarded this month to local non-profits and community development initiatives, with $442,500 of that total coming directly from the Member Impact Fund.

The funding is part of a larger $12.9 million initiative by FHLB Des Moines to bolster affordable housing and community development across its district.

Local Impact in Watertown

The Watertown area is set to be the primary beneficiary of this partnership, receiving $458,500 of the total funds. Nine prominent local organizations have been selected to receive support:

·        Lake Area Zoological Society (Bramble Park Zoo)

·        Watertown Development Company 

·        Watertown United Way 

·        Lake Area Technical College Foundation 

·        Beacon Center 

·        Glacial Lakes Multicultural Center 

·        Boys and Girls Club of Watertown 

·        Human Service Agency 

·        Friends of the Goss Opera House 

“At Reliabank, we’re proud to partner with the Federal Home Loan Bank of Des Moines to match funds that bring outside dollars into the places we call home,” said Josh Hogue, Reliabank President/CEO. “When our communities rise, we rise with them.”

A Lifeline for the Vulnerable

The real-world impact of these grants was highlighted during a recent $49,000 check presentation to the Beacon Center. Executive Director Donna Marchand shared the story of “Gina,” a survivor of a violent attack who requires ongoing restorative surgeries and financial assistance.

The grant will provide Gina and others like her with direct financial aid as they work to rebuild their lives and secure permanent housing. This mission aligns directly with the FHLB’s goal of supporting affordable housing solutions.

How the Member Impact Fund Works

The Member Impact Fund provides FHLB Des Moines members with a matching grant program to strengthen the capacity of non-profits.

·        Eligibility: Recipients are chosen based on their ability to provide affordable housing, job training, financial literacy, or youth programs.

·        Track Record: Since launching in 2023, the fund has provided more than $83 million in grants.

·        Commitment: Every eligible application submitted to the program has received funding to date.

“By partnering with our members, we’re able to multiply resources and support their vital work,” noted Kris Williams, President and CEO of FHLB Des Moines.

About Reliabank: Founded in 1920, Reliabank is a member-owned institution committed to community growth.

About FHLB Des Moines: A member-owned cooperative serving 13 states and three U.S. Pacific territories, providing funding for mortgage lending and economic development.