South Dakota adds small business lending program

10/10/2011

South Dakota Governor Dennis Daugaard announced last week the creation of South Dakota Works - an initiative to provide small businesses in the state with additional working capital.

Launched in collaboration with the U.S. Department of the Treasury, SDW is funded by a $13.2 million State Small Business Credit Initiative grant that the Treasury approved, and is a component of the Small Business Jobs Act.

The state expects to generate at least $10 in private lending for every $1 of federal funding.

"Economic concerns at the national level have made it difficult for our businesses to access the working capital they need to grow and expand," Daugaard said. "South Dakota Works allows our businesses easier access to the working capital, startup funds, payroll and inventory money they need to realize their full potential."

U.S. Treasurer Rosie Rios added that the program will ensure that more Main Street businesses have access to the credit the need to expand and hire.

The AP notes that the new program will complement existing loan programs being run by the Governor's Office of Economic Development.