Frequently Asked Questions

GROW SD is a statewide non-profit organization that provides programs and loan products to advance housing, community, and economic development.

We are funded through a variety of sources, including federal grants, program allocations, local partnerships, and private donations to the GROW SD Foundation. 

There is no South Dakota GROWs program, although that’s often what people mistakenly call us! 

You are welcome to contact us at (605) 698-7654 or info@growsd.org  

We offer both housing and business lending. Our housing loan funds are focused on helping individuals with down payment assistance and home mortgage loans, and our business loan funds are focused on providing loans to new and existing businesses.  We have underwriting criteria for all our lending programs.

Yes. Our Emergency Assistance Program is for individuals and families who need help with past-due rent, utilities, and other minor expenses and reside in one of these counties; Beadle, Brown, Campbell, Day, Edmunds, Faulk, Hand, Hughes, Hyde, Marshall, McPherson, Potter, Roberts, Spink, Stanley, Sully and Walworth.  FUNDING IS LIMITED and may not always be available.

Yes. Applicants in owner-occupied homes who are eligible participants of the South Dakota Low Income Energy Assistance Program (energy assistance) may qualify to have their furnaces repaired or replaced if the furnace is not operating or not operating properly.

The Emergency Furnace Assistance Application can be found online. Please call us prior to having any work done on your furnace. 

Yes.  Our Weatherization Assistance Program can assist individuals who rent or own by providing energy efficient measures in their homes, a GROW SD representative will conduct an energy audit on the home to determine what repairs are cost effective to increase energy efficiency and reduce the cost of utilities

Our housing downpayment assistance program has income requirements which typically vary by county, program requirements, and household size. Please contact us for specific guidance about our income limits.

Yes. Down Payment Assistance is available for potential homeowners purchasing in a rural area of South Dakota. Eligibility requirements and income guidelines apply.  Funding is limited. Click here to apply online. You can also check out the list of Approved Lenders for the DPA program.

Yes. GROW SD's direct loan program supports individuals and families in making their dream of homeownership come true with the financing of a new or existing home in the state of South Dakota. Underwriting conditions apply.

Call us for more information, and to ask about our current interest rates. 

GROW SD home mortgage loans will not typically exceed $250,000. There are a number of factors that affect the amount you may qualify for including but not limited to income, assets, employment, credit history and monthly expense, repayment ability and more.  We recommend you contact our HUD Housing Counselors to set up a pre-purchase counseling session to review your income, debts and credit.  

Yes. You will need to complete an approved Homebuyer Education Course.  Sign up online for a homebuyer education course. 

We provide financing for both new and existing businesses across South Dakota. 

Our loans can be used to purchase real estate, equipment, and inventory. Other uses can be discussed with a loan officer.

Loan amounts typically range from $500 to $300,000 

• Terms are based on the type of collateral provided. 
• Interest rates vary, so please call us for current rates.
• We can partner with your bank to offer joint financing solutions if your project total is higher.  Contact a loan officer for more information.

Yes. Your new or existing business must be located in South Dakota to qualify for a loan. The business will also need to provide collateral and show an ability to repay the loan

Once we have received a completed loan application and any additional information requested the review process is conducted promptly and confidentially. Depending on the loan amount, the application may need to be presented to the board, which can extend the overall timeline.

Start the application process with the online application tool. You can also watch our "How to Video" for tips on creating your online account.