Freedom Works Here.
PIERRE, SD – South Dakota Works is a flexible program that offers business and commercial loans to companies through the Governor’s Office of Economic Development.
Companies in need of working capital, fixed assets, and interim construction financing can receive funding through South Dakota Works.
This recently expanded program provides low interest, gap financing for small businesses for which other types of financing may not be available. The program typically targets loans of less than $1 million of a project in a subordinated lien position and requires a lead lender to participate.
With funding from the State Small Business Credit Initiative, these funds broaden the support to small businesses and empowers them to access the capital needed to invest in job-creating opportunities.
“I’m excited for the opportunities this program holds for South Dakota’s small businesses. Successful implementation of this will provide the next generation of business owners access to capital for decades into the future,” said Travis Dovre, Finance Director.
This true gap financing option offers a three percent fixed interest rate, minimum one on one matching with another lender, and an amortization matched to a useful asset life.
Business owners are encouraged to click the link to learn more about South Dakota Works – South Dakota Works Financing Program – South Dakota (sdgoed.com)