Areas Served: Aurora, Bon Homme, Brule, Buffalo, Charles Mix, Davidson, Douglas, Gregory, Hanson, Hutchinson, Jerauld, Lyman, Sanborn, Tripp and Yankton counties
Areawide Business Council offers a regional Revolving Loan Fund for job creation and economic development in South Dakota.
This service is sponsored by Planning & Development District III which included Aurora, Bon Homme, Brule, Buffalo, Charles Mix, Davidson, Douglas, Gregory, Hanson, Hutchinson, Jerauld, Lyman, Sanborn, Tripp and Yankton counties.
RLF assistance will finance both new and expanding for-profit businesses and public or private organizations.
Projects must result in the creation or retention of jobs.
Loan funds may be used for: – Buildings – Land – Equipment – Inventory – Working capital Loan Criteria – ABC loans will attempt to leverage $2 in private funds for every $1 in RLF assistance.
– Loan amounts will be determined by the number of jobs being created and/or the economic impact.
– Industrial and manufacturing projects will be given precedence over retail business projects.
– Loans will be geographically dispersed across ABC’s service area whenever possible.
– Emphasis will be given to assisting minority businesses.
Financing Policies – Interest rates are generally set at 1 percent below the prime rate.
– Loans for land, buildings and equipment have a maximum term of up to 15 years.
– Loans for working capital have a maximum term of 5 years.
– Benchmark for RLF assistance is approximately $10,000 – $15,000 per FTE (Full-Time Equivalent job).
– Repayment schedules will generally be set-up on a monthly basis.
Other terms may be available.
– Personal guarantees are required from all borrowers.
– A 1 1 ½ % loan origination fee will be charged on all loans.
Contact InformationAreawide Business Council
Address: 1808 Summit Street
City: Yankton
State: South Dakota
Website:
http://districtiii.org/business/abc.php
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