News

Spotlight on CoBank

Rural LISC is thrilled to recognize CoBank for its continued support of our work in rural communities – making them good places to live, work, do business and raise children. In addition to sponsoring Rural LISC’s 2018 Annual Seminar, Recognizing Opportunity: Resilience, Recovery and Revitalization in Rural America, CoBank generously awarded a grant to support Rural LISC’s Road to Capacity Predevelopment Fund (RCPF).

CoBank, “Rural America’s Cooperative Bank,” is a key member of the Farm Credit System, a national network of banks and retail lending associations dedicated to supporting the borrowing needs of U.S. agriculture and the nation’s rural economy. CoBank’s mission is to serve as a dependable provider of credit and other value-added financial services to agricultural businesses and rural power, water and communications providers for the benefit of rural America.

In addition to providing loans, leases, export financing and other financial services to agriculture and rural infrastructure businesses in every U.S. state, CoBank also provides wholesale loans and other financial services to affiliated Farm Credit associations in 23 states. Through its support of Farm Credit associations, the bank serves approximately 70,000 farmers, ranchers and other rural borrowers.

Beyond its mission-based lending, CoBank is committed to serving as a good corporate citizen. Through its generous corporate giving program, CoBank awarded Rural LISC $250,000 in July 2017 to seed the Road to Capacity Predevelopment Fund (RCPF). The Road to Capacity is a Rural LISC initiative that seeks to significantly increase the capacity of Rural LISC’s community-based organization partners. Through the initiative, Rural LISC supports its 86 community-based organizations in mapping their capacity and determining paths for growth, implementing organizational Advancement Plans, establishing predevelopment funds and generating physical development. These efforts result in revenue-generating activities for the organizations, increasing their ability to impact low and moderate income individuals and families in their communities.

“CoBank is a ‘go to’ thought leader for us, given their laser focus on rural economies.”
— Suzanne Anarde, LISC Vice President and Rural LISC Director

Suzanne Anarde, LISC Vice President and Rural LISC Director, spoke to CoBank’s enormous impact on Rural LISC’s work with our partners on the ground:  “CoBank is a valuable Rural LISC partner. They are a ‘go to’ thought leader for us, given their laser focus on rural economies. Additionally, their financial investment in Rural LISC helps build our partners’ capacity to develop vital infrastructure projects in their communities.  We appreciate CoBank and their dedication to strengthening rural America.”  

“CoBank recognizes that when rural entrepreneurs undertake rural development projects, there is a lack of predevelopment funding … an early stage investment when the risk is highest and the collateral is scarce,” said Amy Gales, Executive Vice President of CoBank’s Regional Agribusiness Banking Group. “We partnered with Rural LISC to support the Rural LISC Road to Capacity Predevelopment Fund. This investment is a proven means to deliver projects that address the critical affordable housing needs in rural communities.”

“The Road to Capacity Predevelopment Fund – a proven means to deliver projects that address the critical affordable housing needs in rural communities.”
— Amy Gales, Executive Vice President, CoBank Regional Agribusiness Banking Group

The RCPF is a critical element of the Road to Capacity initiative, serving as a revolving pool of money that provides repayable investments for the predevelopment and feasibility costs of high-impact community development projects.  By supporting Rural LISC’s partners in covering predevelopment needs, which can be a barrier for many rural development projects, CoBank is promoting efforts to spur economic development in rural America.

The first half of CoBank’s award was matched by Rural LISC with another $190,750 in grant and predevelopment funds. This financial support has enabled five Rural LISC partner organizations to secure another $30 million in additional financing that will result in the development of 231 affordable homes and 22,000 square feet of facilities – all vital housing and infrastructure developments for low to moderate income individuals and families in rural communities.  These partners include: Human Resource Development Council of District IX (HRDC) based in Bozeman, Mont., Woodlands Development Group based in Elkins, W. Va, Catholic Charities Housing Services – Diocese of Yakima based in Yakima, Wash., Garrett County Community Action Committee based in Oakland, Md. and Prairieland Council based in Havana, Ill.

Prototype "tiny home" built by Montana State University architecture students for "Housing First Village," a project by HRDC that will create 30-50 low-barrier private homes providing autonomy, safety and "transformational housing" for vulnerable populations in Gallatin, Park and Meagher counties.
Prototype "tiny home" built by Montana State University architecture students for "Housing First Village," a project by HRDC that will create 30-50 low-barrier private homes providing autonomy, safety and "transformational housing" for vulnerable populations in Gallatin, Park and Meagher counties.

Rural LISC looks forward to committing the remaining half of CoBank’s grant to make additional Road to Capacity Predevelopment Fund project investments – investments critical to building strong communities throughout rural America.

“CoBank’s support builds our partners’ capacity to invest and provide opportunities in their communities, added Suzanne Anarde. “It is funders like CoBank, dedicated to strengthening and supporting rural America, that make our work possible.”

None