The MicroLOAN South Dakota Loan Program is a partnership with the South Dakota Development Corporation, and Governor's Office of Economic Development. These loans are made available to small businesses within the borders of South Dakota and South Dakota residents, including main street and retail operations, for working capital, equipment, real estate or other fixed asset project costs.
REDI Fund Loans
We give new meaning to the phrase ``ready, willing and able.`` Our REDI (Revolving Economic Development and Initiative) Fund is designed to help promote job growth in South Dakota. This low-interest loan fund is available to start-up firms, businesses that are expanding or relocating and local economic development corporations.
Another financing option is the pooled loan program through South Dakota's Economic Development Finance Authority. This loan program, designed for more capital-intensive projects, provides small businesses access to larger capital markets for tax-exempt or taxable bond issuances. The program can fund projects individually or pool them to help lower the cost of the bond issuance. One of the biggest advantages of this program is a long-term loan with a fixed interest rate. A major benefit to borrowers is the South Dakota Economic Development Finance Authority's ``A+`` rating by Standard and Poor's. By maintaining an ``A+`` rating, the Authority is able to offer a lower interest rate to the applicant.