GCDC's IRP Revolving Loan Fund: This fund is available to finance new business start-ups, as well as for the retention and expansion of existing businesses and community projects in Grant County.

Direct Financial Support from the Corporation in the form of employee salary assistance and/or facility rent based on job creation and growth.

Tax Credits: Any available tax credits will be applied for.

State Sponsored Incentives
(NOTE:): All State Sponsored Incentive Information can be located at
http://sdreadytowork.com/fi/workforce/index.asp

Revolving Economic Development & Initiative Fund (REDI). This fund provides for a low interest loan fund for business start-ups and businesses that are expanding. REDI funds can provide financing for the purchase of land and associated site improvements, construction, acquisition, and renovations of buildings, and other costs associated with construction.

This fund can provide up to $5,000 per job created, up to a limit of 45% of the project costs. The loan has a fixed rate (currently 3%), which can be amortized over twenty years on land and buildings and ten years on equipment with a balloon payment due after five years.

MicroLOAN: The purpose of this loan is to provide low-interest financing to small businesses and entrepreneurs. It provides fixed-rate, low interest loans for fixed-asset project costs, including working capital, equipment and real estate. The maximum amount for a loan is $50,000 and 50% of the financing of the total project must come from a bank. The loan period cannot exceed 5 years. The current interest rate is at 5%. For further information visit:

http://www.sdreadytowork.com/fi/MicroLoan.asp

Workforce Development Program: Under the Workforce Development Program, the State of South Dakota will provide employee training funds for qualifying businesses. The program supports three types of training: new employee training, current employee retraining and current employee up-grade training.

http://sdgreatprofits.com/labor/training.htm

Apex Agricultural Processing and Export Loan Program: The APEX Loan program is designed to assist companies which add value to raw agricultural products through processing and are located in communities with a population of 25,000 or less. The program is open to for-profit businesses and local economic development corporations.
The program may provide up to 75% of the total project cost and requires the applicant to secure the other funds before applying for the APEX Loan, including a 10% minimum equity contribution. The maximum loan amount available from the APEX program is $150,000.00.


Other Area Loan Programs

Rural Electric Economic Development (REED) Fund:
The REED fund is a nonprofit, tax-exempt 501(c) (3) corporation, formed through the collaboration of 15 rural electric cooperatives in Eastern South Dakota and Western Minnesota. REED provides funding for projects developed by both for-profit and non-profit entities. Recognizing the need for access to capital in rural areas, the REED Fund offers financing for business development and for projects involving infrastructure and quality-of life-elements necessary to assist rural communities to retain, develop and attract businesses.

Northeast South Dakota Economic Corporation (NESDEC):
NESDEC is a 501 (c) (3) private non-profit community development corporation sponsored and partially supported by the Northeast South Dakota Community Acton Program (NESDCAP). NESDEC serves a 22 county region in South Dakota including Grant County. NESDEC has numerous financing programs and can help finance a business venture by: (1) pledging a CD, or participate on bank loans to small business: (2) making direct loans to individuals and/or businesses: and (3) providing counsel, referrals, and mediation to businesses in need of assistance.

First District Development Company:
First District Development Company (FDDC) is a non-profit corporation promoting economic development and job creation in Eastern South Dakota. Established in 1983 as a Certified Development Company, First District Development Company is licensed by the Small Business Administration (SBA) to offer the SBA 504 Loan Program.

Besides offering SBA 504 loans, the First District Development District has an Intermediary Relending Program (IRP) and Revolving Loan Fund (RLF).

Information on all of FDDC's loan programs can be found at
http://www.firstdistrict.org/