Areas Served: City of Wessington Springs
Wessington Springs Area Development Corporation has a desire to help people succeed in business.
To help us accomplish this, a revolving loan fund was created in 1999 and is available to anyone within and around the Wessington Springs area interested in expanding their business, an entrepreneur who wishes to open a business, or if your business is currently experiencing a challenge to keep its doors open this program may meet your needs.
DIRECT LOANS A maximum of 60% of the total loan request can come from the WSARLF with at least 40% from a traditional lending source or owner equity (sweat equity may qualify for part or all of the 40%).
WSARLF loans are limited to a maximum of $50,000.00 per business.
CD PLEDGE GUARANTEED LOANS 50% of the loan request or a maximum of $20,000.00. Wessington Springs Area Revolving Loan Fund offers a 5% interest rate; with 2½ percent going to North East South Dakota Economic Development Corporation (NESDEC) and 2½ percent going to the WS Area Development Corporation for the work each organization performs.
Contact InformationWessington Springs Area Development Corporation
Address: 101 Wallace Ave. S
City: Wessington Springs
State: South Dakota
Website:
http://wessingtonsprings.com
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