When the Chamber of Commerce Economic Development Committee last met, the committee pledged $25,000 to the South Dakota Rural Enterprise Inc., which is a matching funds program. Philip and other communities will put up money. The money will be pooled and leveraged to a total of $250,000. The goal is to have $1,000,000 pledged from all sizes of area communities by August, 2005.
Since Philip belongs to the Central South Dakota Enhancement District, another $500,000 in loan funds is also available.