DSU Receives $2million Grant

Thursday, 09 October 2008, Written by Jona Schmidt

Release from the Governor's Office of Economic Development Contact Jennifer  Hodny, 605) 773-3301
A $2 million grant to Dakota State University in Madison will help position South Dakota as a leader in the protection of financial infrastructure.

The South Dakota Research and Commercialization Council awarded the money to DSU to develop the National Center for the Protection of the Financial Infrastructure. The money will be distributed over a five-year period.

"This is a critical time for our financial services industry. With the increasing use of e-commerce, e-banking and other technologies, people are more concerned than ever about the safety of their money,” said Gov. Mike Rounds. “DSU is partnering with the financial industry and federal agencies to develop, test and implement new ways to protect your money, including the prevention of identity theft."

"The financial industry is South Dakota’s largest non-ag sector, contributing $6.4 billion to the state’s $32 billion gross state product. “We are already a recognized leader in the financial industry so the creation of this research center in South Dakota makes a tremendous amount of sense,” Gov. Rounds said.

 DSU is partnering with Citibank, Wells Fargo, First Premier, the Federal Reserve, FDIC and the Department of Homeland Security to establish the center

The 2010 Research Centers, created as part of the state’s 2010 Initiative, have generated more than $70 million in activities since established four years ago. The centers have generated more than $5 for every $1 dollar of state investment, and have had more than a $100 million economic impact in South Dakota.

Last Updated: 8/12/11