‘South Dakota Works’ is a new financing program meant to complement Dakota’s existing fixed-asset lending portfolio. Gov. Dennis Daugaard announced this financing program to help U.S businesses expand. ‘South Dakota Works’ is launched in collaboration with U.S. Department of Treasury so as to make working capital funds available to South Dakota businesses.
The pressure on the economy at national level has made it difficult for small businesses to gain access of working capital for their growth and expansion. Now, ‘South Dakota Works’ will make it possible for businesses to have an easy access to working capital, payroll, start-up funds and inventory money that will help them realizes their full potential.
The ‘South Dakota Works’ is being funded by $13.2-million State Small Business Credit Initiative grant that received approval from U.S. Department of Treasury. For every $1 in federal funding, South Dakota hopes to generate $10 in new private lending.
According to Daugaard, ‘South Dakota Works’ is another milestone for the South Dakota’s lending industry. It is a great opportunity to provide additional business financing by partnering with the state banking industry. ‘South Dakota Works’ funding can be utilized for business and commercial loans. The program mandates minimum loan amount of $20,000 that can be used as new financing.
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