‘Grow South Dakota’ program will be receiving $1 million loan from the SBA. The announcement came when US Senator Tim Johnson said that the money would be handed over through the Intermediary Lending Pilot (ILP) program. South Dakota can use the fund to make loans available to small businesses. Each loan can total up-to $200,000 so as to expand business operations in the entire region. Small businesses can use the loan as working capital for the purchase of inventory, real estate, supplies and equipment.
Small businesses in the state of South Dakota will develop under the 1 million dollar funding for ‘Grow South Dakota’. Johnson says that he supports the small business jobs act as he firmly believes that it will have a positive impact on small businesses in South Dakota and in the entire nation.
The Small Business Jobs Act introduces the ILP program that serves as a catalyst so as to help boost lending to small businesses and startups especially in underserved areas and rural communities. Direct loans are granted to ILP intermediaries by the SBA so as to increase access to business capital.
Johnson played an instrumental role as he joined hands with both parties to pass the Small Business Jobs Act last September. It has definitely helped to create new jobs and strengthened economic recovery. The legislation is completely paid for, involves small business tax cuts and creates programs to unfreeze lending to small businesses.
This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to email@example.com