State Farm® Grant Supports GROW SD Small Business Assistance
Tuesday, December 11, 2018
A grant from State Farm has helped more than 40 business borrowers receive the technical assistance to help them be successful in their loan application and business operations. The purpose of the project is to assist small business loan applicants prepare to borrow money and grow their business. The Northeast South Dakota Economic Corporation (NESDEC) dba GROW South Dakota (GROW SD) received the Good Neighbor Citizenship Grant from State Farm early this year for its technical assistance (TA) program for small business borrowers.
GROW SD business loan officers provided more than 200 hours of TA for 41 business owners. The TA supports owners in various aspects of their operations. Each business has different needs, but generally, TA comprises starting or expanding a business before, during, and after financing. NESDEC primarily serves northeastern South Dakota, but the grant allows the organization to have a wider reach across the state.
Travas Uthe, owner of Trav’s Outfitter in Watertown, benefited from the TA provided by GROW SD loan officers. The assistance helped him plan for and finance a new building to offer the shoes, clothing and accessories required for a range of styles, hobbies and professions. The new facility is seven times larger than his previous shop. Trav’s posted a simple note on GROW SD’s website in gratitude: “Thank you, @GROWSouthDakota, for your incredible help with our new building!”
“State Farm is committed to building safer, stronger, and better educated communities. We feel honored to be able to support GROW SD as we also have an emphasis on helping small businesses thrive and creating jobs.” Kelly Pargett, State Farm Public Relations specialist.
NESDEC celebrated its 40th anniversary in 2018. Through September 30, 2018, the organization had made 2,033 loans to 1,226 businesses for nearly $71 million. These loans assisted businesses in creating or maintaining 12,423 jobs.
For information, visit www.growsd.org or call 605-698-7654.
About State Farm®: The mission of State Farm is to help people manage the risks of everyday life, recover from the unexpected, and realize their dreams. State Farm and its affiliates are the largest providers of auto, home and individual life insurance in the United States. Its 18,000 agents and more than 65,000 employees serve more than 83 million policies and accounts – nearly 81 million auto, home, life, health and commercial policies, and nearly 2 million bank accounts. Commercial auto insurance, along with coverage for renters, business owners, boats and motorcycles, is available. State Farm Mutual Automobile Insurance Company is the parent of the State Farm family of companies. State Farm is ranked No. 35 on the 2016 Fortune 500 list of largest companies. For more information, please visit http://www.statefarm.com.
GROW South Dakota is an Equal Opportunity Lender, Provider, and Employer. It has served South Dakota communities since 1966. The organization provides housing, community, and economic development to 10,000 customers annually.
Category: Success Stories