GROW South Dakota's Frequently Asked Questions
How do I apply for a business loan?
An application is available here for download or call (605) 698-7654 to receive an application by mail.
How long does the process take?
Once GROW South Dakota has received a completed loan application and any additional information requested the process is quick and confidential.
Do I need to have a bank to qualify?
No, a bank is not required to qualify for a business loan. However, partnerships in which GROW South Dakota finances 50% of a project and a local bank finances the remaining 50% of the projects are common.
Who qualifies for a business loan?
Any new or existing business in the GROW South Dakota service area may qualify for a loan. However, the business will need to provide collateral and show an ability to repay the loan.
What can I use my business loan for?
Business loans can be used for a variety of things like Inventory, Real Estate, and Equipment. Other uses can be discussed with a loan officer. (GROW SD’s business loans cannot be used to fund business that are not following Federal or State laws and regulations.)
How does business lending work?
If approved, you will receive a lump sum of capital that will be paid back with regular payments and a fixed interest rate.
Do I need to have a down payment?
A down payment is not required as long as there is sufficient collateral.
Do you offer technical assistance for new businesses?
We offer many different types of technical assistance to new and existing borrowers. Reach out to one of our loan officers to discuss your business needs or questions.
I am looking to start a business, what steps should I take to get financing?
You can start by talking with our loan officers to discuss your business idea or needs. When applying we will need additional documents such as a business plan, financials, and projections. If you do not have these, we have the resources to help you get them.
