First Interstate and the Federal Home Loan Bank of Des Moines are providing $700,000 in combined support to 34 nonprofit organizations across South Dakota, expanding funding for groups working on some of the state’s most pressing community needs.
The total includes a $200,000 contribution from First Interstate, matched up to three times through FHLB Des Moines’ Member Impact Fund. The grants are expected to help nonprofit organizations address both immediate challenges and longer-term opportunities in communities across the state.
According to the announcement, the funding will support programs focused on food security, youth development, housing stability, transportation access, workforce readiness and other local priorities.
The awards are part of the Member Impact Fund, a program launched in 2023 that matches charitable contributions from FHLB Des Moines member institutions to eligible nonprofit and government organizations. In its latest round, the bank said it awarded more than $12.9 million to member institutions across its district, paired with member contributions to expand local giving.
First Interstate said the South Dakota grants reflect its broader philanthropic strategy. The bank sets aside 2% of its pre-tax earnings each year to support community needs across its footprint, with a focus on workforce development, early childhood education and efforts to reduce poverty.
The latest awards give participating nonprofits an added financial boost by stretching local charitable dollars further through the federal home loan bank match. Supporters say that approach allows more organizations to sustain essential services while also building long-term capacity.
The funding announcement highlights the growing role that public-private and financial-sector partnerships are playing in supporting community organizations as they work to meet rising demand for services across South Dakota.
By BSH Staff