GROW South Dakota acquires Mid-Dakota Economic Development Corporation loan fund to strengthen rural businesses (SD)
SISSETON, SD — GROW South Dakota, a nonprofit agency, received $250,000 in funding from Mid-Dakota Economic Development Corporation to support small businesses in central South Dakota.
“We’re grateful for Mid-Dakota’s investment in our revolving loan fund for businesses. It allows us to support entrepreneurs with affordable business loans in South Dakota communities,” said Lori Finnesand, GROW South Dakota CEO. The funds from Mid-Dakota Economic Development Corporation are available to small businesses in Buffalo, Campbell, Corson, Dewey, Haakon, Hughes, Hyde, Jones, Lyman, Mellette, Perkins, Potter, Stanley, Sully, Todd, Tripp, Walworth and Ziebach counties.
Jim Protexter, executive director of Mid-Dakota, said GROW South Dakota is the right organization to manage these funds.
“Mid-Dakota has helped several small businesses over the years, but borrower needs and lender requirements have evolved,” he said. “We either needed to overhaul our credit policies and greatly expand our resources, or partner with someone who has a similar mission and a proven track record. GROW SD is a big player in our service territory and will do an excellent job of getting these dollars on the street.”
New or existing businesses in the former Mid-Dakota service area can apply today for a low interest loan by visiting www.growsd.org or calling (605) 698-7654.
Through its existing revolving loan fund for businesses, GROW South Dakota has made more than 1,900 loans to 1,156 area businesses, directly financing more than $60.7 million in business loans.
Source: Grow South Dakota Press Release