• Economic Development Economic Development

  • Business Assistance

    There are many options at the federal, state, regional and local levels for assistance with your project. We have listed some of the most often-used programs.

  • Areawide Business Council Revolving Loan Fund Areawide Business Council Revolving Loan Fund

    SERVICES
    Areawide Business Council offers a regional Revolving Loan Fund for job creation and economic development. This service is sponsored by Planning & Development District III.

    ABC’s service area includes the entire District III service area.

    ELIGIBILITY
    RLF assistance will finance both new and expanding for-profit businesses and public or private organizations. Projects must result in the creation or retention of jobs. Loan funds may be used for:

    • Buildings
    • Land
    • Equipment
    • Inventory
    • Working capital

    APPLICATION PROCEDURES
    District III staff are available to meet with potential applicants to further explain the RLF program. Private financing must be available before applying for assistance. For more information or to make an appointment, contact Lori at District III.

    Once an application has been submitted, District III staff will complete credit checks and analyze the application. This information will be passed on to a Board of Directors, who will review the application and make a loan decision. If the Board requests additional information, the application will be returned and re-evaluated when the information is available. It is the goal of the RLF to act on all completed application packages within 30 days.

    CONTACT
    Lori Cowman
    Phone: (605) 665-0751   
    Fax: (605) 665-0303 
    abc@districtiii.org

    First District Development Company First District Development Company

    First District Development Company (FDDC) is a nonprofit corporation promoting economic development and job creation in Eastern South Dakota. Established in 1983 as a Certified Development Company, First District Development Company is licensed by the Small Business Administration (SBA) to offer the SBA 504 Loan Program.

    Since 1983, FDDC has loaned over $75 million in SBA 504 financing to over 240 new or expanding businesses resulting in the creation of over 1700 jobs.

    We specialize in long-term commercial real estate loans with fixed favorable interest rates and low down payments. By offering these loans, we strive to assist growing businesses and improve the overall economic conditions in South Dakota.

    More information. 

    CONTACTS

    Paula Hulscher
    First District Development Company
    124 1st Avenue NW / P.O.Box 1207 
    Watertown, SD  57201
    Phone: (605) 882-5115   
    Fax: (605) 882-5049 
    paula@1stdistrict.org

    Amy Waite
    First District Development Company 124 1st Avenue NW / P.O.Box 1207
    Phone: (605) 882-5115   
    Fax: (605) 882-5049 
    amy@1stdistrict.org
     

    Revolving Economic Development and Initiative (REDI) Fund Revolving Economic Development and Initiative (REDI) Fund

    The South Dakota Governor's Office of Economic Development administers the Revolving Economic Development & Initiative (REDI) Fund. For complete information about what types of projects are eligible and how the process works, visit the GOED site.

    Rural Economic Development Loan and Grant Fund Rural Economic Development Loan and Grant Fund

    The REDLG fund is a federal program that provides funding to rural projects through local utility organization.

    For more information, visit the Rural Economic Development website.  

    SBA 504 Loan Programs – South Dakota Development Corporation SBA 504 Loan Programs – South Dakota Development Corporation

    The SBA 504 Loan Program offers subordinated, fixed rate financing to healthy and expanding small businesses. Long-term, fixed rate financing (10-20years) and reasonable rates (near long-term US Treasury bond rates), make the 504 Program an attractive and effective economic development financing tool.

    For more information, visit the South Dakota Development Corporation website.

    SBA 7A (Guaranteed) Loans SBA 7A (Guaranteed) Loans

    The SBA works with lenders to provide loans to small businesses. The agency doesn’t lend money directly to small business owners. Instead, it sets guidelines for loans made by its partnering lenders, community development organizations, and micro-lending institutions. The SBA reduces risk for lenders and makes it easier for them to access capital. That makes it easier for small businesses to get loans.

    For more eligibility for SBA loans, visit the U.S. Small Business Administration website.  

    South Dakota Financing and Incentives South Dakota Financing and Incentives

    South Dakota has what you need to make your project a reality. Whether you already operate a business in South Dakota, are starting a new business in South Dakota, or are looking to expand or relocate here from outside the state, there are many financing programs to help you grow. Professional loan officers and business development specialists are at your disposal to move your company from blueprints and business plans to bricks and mortar.

    More information is available through the SD Governor's Office of Economic Development.

    Rural Electric Economic Development (REED) Fund Rural Electric Economic Development (REED) Fund

    REED provides business and community project financing in partnership with commercial and other economic development lenders to leverage private investment and make a difference in the region it serves. Established in 1996 and governed by 22 electric cooperatives, REED assists projects that promote growth and contribute to job, business and wealth creation, as well as improve the infrastructure, community facilities/services and economic base of rural areas.

    More information about REED.

    Mitchell Area Development Corporation Revolving Loan Fund Mitchell Area Development Corporation Revolving Loan Fund

    CONTACTS

    Mark Vaux, Executive Director
    Mitchell Area Development Corporation
    Phone: 605-996-1140   
    Fax: 605-996-8273 
    bhisel@mitchellsd.org

    Laurie Cooper, Director of Operations
    Mitchell Area Development Corporation
    Phone: 605-996-1140   
    Fax: 605-996-8273 
    lcooper@mitchellsd.org

  • Mitchell Area Development Corporation