Entrepreneurs look within their eco-systems for cost savings as much as increasing revenues to bolster their bottom lines. Lakota business owners on the Cheyenne River reservation in north-central South Dakota are no different. Most if not all of their traditional business suppliers are located outside the reservation in urban areas such as the capital of Ft. Pierre, about 100 miles to the southeast. Obtaining key high-demand goods and services is more expensive and sometimes unavailable.
Enter Four Bands Community Development Fund (CDFI), a local grassroots lender with more than a decade of experience in financial services, business training and outreach services its clients. The Four Bands CDFI has pioneered a business-to-business strategy to help local Lakota entrepreneurs to produce and buy from each other. This win-win strategy creates value for reservation businesses and helps the Cheyenne River community by reinvesting in its local economy.
Recent market research has shown that business-to-business (B2B) linkages could net millions of dollars in revenues and stimulate job growth for the Cheyenne River community. Tanya Fiddler, Executive Director of Four Bands states, “ This is a new way of approaching economic development for us… our economy has grown to the point where we need to expand our strategies to include business-to-business development.”
ProMicro Consulting salutes Four Bands CDFI as its Entrepreneur of the Month for its innovative thinking to promote grassroots entrepreneurs and local economic development. For more information on Four Bands CDFI and local business successes, check out their website.