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.
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 Â Â
Fax: (605) 665-0303Â
abc@districtiii.org
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.
CONTACTS
Paula Hulscher
First District Development Company
124 1st Avenue NW / P.O.Box 1207Â
Watertown, SDÂ Â 57201
Phone: (605) 882-5115 Â Â
Fax: (605) 882-5049Â
paula@1stdistrict.org
Amy Waite
First District Development Company 124 1st Avenue NW / P.O.Box 1207
Phone: (605) 882-5115 Â Â
Fax: (605) 882-5049Â
amy@1stdistrict.org
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.
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.
The SBA 504 Loan Program offers subordinated, fixed rate financing to healthy and expanding small businesses. Long-term, fixed rate financing (10-25 years) 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 or Dakota Business Finance.
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.Â
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.
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.
CONTACTS
Geri Beck, Executive Director
Mitchell Area Development Corporation
Phone: 605-996-1140Â Â
gbeck@mitchellsd.com
Laurie Cooper, Director of Operations
Mitchell Area Development Corporation
Phone: 605-996-1140 Â Â
Fax: 605-996-8273Â
lcooper@mitchellsd.com
Veterans Business Resource: A FREE ONLINE GUIDE published by the Small Business Entrepreneurship Outreach Program at Digital.com is available for US Veterans who are in the process of starting or currently own a small business.
Veterans can learn more about how to turn their business aspirations into successful endeavors by making sure they are aware of the unique competitive advantages available to them such as exclusive grants, training resources, and mentoring.Â
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VA Military and Medicare Benefits Resource: Medicare, like all health insurance programs, can be very complicated. How Medicare works in conjunction with the VA Military Healthcare benefits can be extremely confusing.Â
Medicare Plans Patient Resource Center offers a new resource to help veterans understand how Medicare works with VA and TRICARE, should a veteran enroll, how to enroll, and most importantly strategies on how to maximize benefits.Â
You can view the guide here:Â https://www.medicareplans.com/va-military-and-medicare-benefits-resource/
Note: Medicare Plans Patient Resource Center does not sell or provide healthcare plans.
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Discounts for Military and Veterans: A guide on finding the best resources that will help the families of Military and Veterans to get discounts. You can view the guide here.
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