Areas Served: Clay, Lincoln, McCook, Minnehaha, Turner, and Union Counties
The Regional Revolving Loan Fund provides affordable financial assistance to individuals and businesses in South Dakota that lack the initial capital required to expand or own a business.
It is the goal of the Foundation to assist with job creation and retention in the region.
Eligible counties include Clay, Lincoln, McCook, Minnehaha, Turner, and Union.
In an effort to provide a loan program that compliments, not duplicates, other programs offered throughout the State, the South Eastern Development Foundation established guidelines to fill the gap in the small business financing market.
The Foundation works in conjunction with other lending institutions to complete funding packages and reduce the amount of risk associated with small business lending.
The Foundation will fund the following types of small business activities: Land Buildings Permanent Fixtures Equipment Working Capital Lending activities will be amortized according to the following schedule with a five-year balloon: Land – 20 years Buildings – 20 years Permanent Fixtures – 20 years Equipment/Machinery – 15 years (or the life of the equipment, whichever is less) Working Capital 7 years Lending Parameters: Minimum loan amount: $20,000 Maximum loan amount: $150,000 All loans must be made in conjunction with another lending partner Loans must be made on a parity basis 1.5% loan origination fee Interest Rate 4.75% to 8% depending on the risk and location of the project Fixed rate for life of loan
Contact InformationSouth Eastern Development Foundation
Address: 500 N. Western Avenue, Suite 100
City: Sioux Falls
State: South Dakota
Website:
http://www.secog.org
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