GROW South Dakota: Helping businesses to grow and succeed
Wednesday, May 25, 2022
What makes South Dakota a great place to do business? As one of the best states in the country to expand your business or to re-locate it, South Dakota has a conducive business environment, where innovation and talent are encouraged, there is room to grow, and a reliable workforce helps business aspirations to come through - all these from the geographic center of the United States.
Today, South Dakota is characterized by a strong work ethic and high productivity workforce, a state with the #1 business tax climate in America, and accessibility to leaders to get the job done.
A robust business climate for continued growth
If you are an entrepreneur or a small business owner in South Dakota, you are at an advantage. South Dakota is a state of reasonable regulations and an array of limited taxes that make it easier for businesses to reach their full potential. We’re the only state in the nation with no corporate income tax, no personal income tax, no
personal property tax, no business inventory tax, and no inheritance tax. You’ll see why so many businesses are choosing to call South Dakota home.
South Dakota: Manufacturing for the world
Makers in South Dakota are responsible for manufacturing a variety of high-quality goods, from world-class precision ag products to electronic display boards found at sports stadiums across the globe.
The manufacturing industry comprises approximately 8.9 percent of the Gross Domestic Product. The sectors growing this industry in the state are Beverage & Tobacco Products, Transportation Equipment, Machinery, and Fabricated Metal Products manufacturing.
GROW South Dakota: An everlasting impact on entrepreneurship and business
Through services to individuals, technical assistance to community and economic development agencies, and loans to small businesses and homebuyers, GROW South Dakota has had a broad and lasting impact on the community.
GROW South Dakota and business lending
GROW South Dakota offers many different types of technical assistance to new and existing borrowers. If you are looking to start a new business, 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.
Once GROW South Dakota has received a completed loan application and any additional information requested the process is quick and confidential.
Generally, 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.
Reach out to one of our loan officers to discuss your business needs or questions.
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.
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 businesses that are not following Federal or State laws and regulations.)
If approved, you will receive a lump sum of capital that will be paid back with regular payments and a fixed interest rate. A down payment is not required as long as there is sufficient collateral.
A business loan application is available here for download or call (605) 698-7654 to receive an application by mail.