Loan program expands options for South Dakota business owners
The South Dakota Works program expanded its services to allow more business owners to benefit from its loans.
South Dakota Works provides loans to companies and small businesses in the state. These can help cover assets like construction loans, new equipment, start-up costs and more.
Sarah Ebeling, communications coordinator for the Governor’s Office of Economic Development, said recent funding has allowed the program to offer loans to businesses that it has not covered in the past.
"The recent addition of funds through the State Small Business Credit Initiative has allowed the Governor’s Office of Economic Development to expand the application process to give consideration to other business ventures, such as the service, retail, and restaurant sectors of the economy, which traditionally we could not do," she said.
She added having a program like South Dakota Works provides equitable finance options, allowing more businesses to open.
"New and expanded businesses add jobs to the economy and provide options for consumers. All this combined adds money to the economy, continuing to grow South Dakota," she said. "This is a huge win for the people and businesses of South Dakota."
The program targets loans of less than $1 million.