Easing Economic Hardship through Small Business Lending
Monday, July 13, 2015
Sisseton, SD – April 20, 2015. GROW South Dakota has announced a $991,657 loan from the USDA Rural Development Intermediary Relending Program. This low-interest loan will recapitalize GROW SD’s statewide revolving loan fund in order to increase small business activity and employment in a rural service area through the provision of affordable loans and technical assistance to new and expanding South Dakota small businesses in partnership with local lenders and USDA Rural Development.
“The development and growth of this needed revolving loan fund will initially focus on serving those small businesses in a statewide 14-county service area including: Lawrence, Stanley, Hughes, Potter, Walworth, Campbell, McPherson, Faulk, Miner, Charles Mix, Spink, Day, Marshall, and Roberts counties, says Lori Finnesand, GROW South Dakota CEO. These counties qualify as underrepresented, low-equity, or low-income. Through the influx of affordable capital, we will assist underserved rural business owners and communities to push toward the goal of improving the livelihood of residents who choose to live in our small communities.”
The purpose of the IRP program is to alleviate poverty and increase economic activity and employment in rural communities. Under the IRP program, loans are provided to local organizations (intermediaries), such as GROW South Dakota, for revolving loan funds. Intermediaries are encouraged to work in concert with State and regional strategies, and in partnership with other public and private organizations that can provide complimentary resources.
For more information about GROW South Dakota’s housing and business development programs and services, please visit our website at www.growsd.org or call (605) 698-7654.
Category: GROW SD