Tuesday, October 4, 2011

New SD Loan Program Looks to Help Small Businesses

PIERRE, SD - Gov. Dennis Daugaard says South Dakota is starting a new loan program to help South Dakota's small businesses expand.

The program, called South Dakota WORKS, is funded by a $13.2 million grant from the U.S. Treasury Department. It will provide small businesses with working capital, startup funds and money for payroll and inventory.

Daugaard says the new program will complement existing loan programs operated by the Governor's Office of Economic development. He says the nation's economic problems have made it difficult for businesses to borrow the working capital they need for expansion projects.

The governor says the state expects the program will generate at least $10 in private lending for every $1 in federal spending. That would mean the $13.2 million federal grant will support $132 million in private lending.

SCDC NOTE: In addition, the Tripp County Revolving Loan Fund is available to new and expanding businesses in Tripp County, SD. Interest rates are currently at 3%. For more information, check out and download an RLF application today.

2 comments:

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