Empowering South Dakota Businesses: GROW South Dakota's Business Lending Solutions
Wednesday, November 01, 2023
For more than four decades, GROW South Dakota has remained steadfast in its mission to provide vital support to business owners across the state. Through a combination of accessible loans and comprehensive business technical assistance, GROW SD continues to play a crucial role in fostering entrepreneurship and economic growth in South Dakota.
Business Lending: Fueling South Dakota's Ambitions
GROW South Dakota has a broad reach as a statewide lender, helping finance new and existing businesses. Whether you need capital for real estate, equipment, inventory, or working capital, GROW SD stands ready to support your aspirations.
Tailored Financing Solutions
GROW SD understands that each business is unique and offers flexible terms and conditions. Loan amounts typically range from $500 to $400,000, with the term based on the collateral provided. For precise details on interest rates and terms, prospective borrowers are encouraged to contact GROW SD's loan officers at (605) 698-7654.
Streamlined Application Process
Applying for a business loan from GROW SD is straightforward. An application can be easily downloaded here or by contacting a team member here. Once GROW South Dakota receives a completed loan application and any requested additional information, the process moves swiftly and is kept confidential.
No Bank is Required, But Partnership is Welcomed
One of the standout features of GROW SD's business lending program is that a bank is not a prerequisite for eligibility. While you don't need a bank to qualify, it's worth noting that GROW SD often collaborates with local banks to provide joint financing for projects, ensuring a well-rounded support system for South Dakota businesses. Partnerships in which GROW South Dakota finances 50% of a project and a local bank finances the remaining 50% of the projects are common.
Inclusive Eligibility Criteria
GROW South Dakota believes in inclusivity. Any new or existing business within the GROW South Dakota service area may qualify for a loan. However, companies seeking financing should be prepared to provide collateral and demonstrate their ability to repay the loan.
Versatile Use of Funds
Business loans from GROW SD are versatile and can be used for various purposes, including inventory, real estate, and equipment. Borrowers are encouraged to discuss their specific needs with a loan officer. It's important to note that GROW SD's business loans cannot be used to fund businesses that do not comply with federal or state laws and regulations.
Seamless Repayment Process
If your application is approved, you'll receive a lump sum of capital that must be repaid with regular payments and a fixed interest rate, ensuring predictable and manageable financial obligations.
No Down Payment Required
GROW SD doesn't mandate a down payment as long as sufficient collateral is provided, making it more accessible for businesses seeking funding.
Comprehensive Business Support
GROW South Dakota goes beyond just lending. They offer various types of technical assistance to new and existing borrowers. Whether you're a startup or an established business, their loan officers are ready to discuss your unique business needs and questions.
Starting a Business? GROW SD Can Help
If you're planning to start a business but need to know where to begin, GROW South Dakota is your partner in success. Their loan officers can guide you through the process, help you refine your business idea, and assist in preparing necessary documents such as business plans, financials, and projections.
In South Dakota, GROW South Dakota is more than just a lending institution; it is a powerhouse of support for entrepreneurs and business owners. Their comprehensive business lending solutions and commitment to fostering economic growth empower South Dakota's businesses to thrive and succeed. Contact us today to take the first step toward realizing your business dreams.