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South Dakota, the Mount Rushmore State, treats its small businesses with the same dignity as that of the four presidents carved into the side of the famous mountain. Lenders in South Dakota show the same respect for small businesses by making available a wide range of loans to meet all types of financial needs.
Lenders in South Dakota have experience in making loans to all types of small businesses, especially those involved in agriculture and the businesses that support the agriculture industry. Loans can be either short-term for temporary seasonal needs or long-term for acquisition of fixed assets and equipment.
The Small Business Administration (SBA) issues partial guarantees for loans serviced by commercial lenders. Businesses can use these loans for many purposes, including working capital, purchasing inventory or equipment, refinancing existing debt, or buying real estate. Small businesses like SBA loans because of their generously long repayment terms and lower interest rates.
A revolving line of credit is used to finance temporary deficits in cash flow or a buildup in current assets. For example, a seasonal business, like some retail stores, could use a revolving line of credit to finance a build-up in inventory during the busy seasons.
Term loans are used to finance large projects, such as plant expansions or acquisitions. The loans are repaid over several years, usually out of the cash flow generated by the project.
If you need to purchase an expensive piece of machinery, you can use an equipment finance loan, which can be repaid over several years.
If you’re selling on extended terms to your customers and don’t want to wait until they pay to get your money, you can use accounts receivable financing. The lender will advance a percentage of the invoice value upon presentation. The advance gets repaid when the customer pays the full invoice amount to the lender.
The Mount Rushmore state has numerous commercial banks, government agencies, and nonprofit organizations that offer loans to small businesses.
South Dakota Business Help connects entrepreneurs with various state and federal agencies that provide financing for startups and funds for innovation and research.
USDA Rural Development provides funds for technical assistance for small businesses and finances energy projects for renewable systems used in agriculture and manufacturing.
Grow South Dakota Foundation provides funds for small businesses that contribute to the economic development of communities.
Black Hills Community Economic Development works with the SBA in providing 504 Loans to finance the purchase and improvement of real estate, equipment, and other fixed assets.
South Dakota Works is a federally-funded program that works through the State Office of Economic Development to provide South Dakota small businesses with working capital.
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Local governments and community organizations in South Dakota focus on attracting and supporting the growth of small businesses. For example, SCORE, which is staffed by volunteer retired executives, has several chapters located throughout the state to provide mentoring to aspiring entrepreneurs. In addition, the SBA has local advisors from its Small Business Development Centers located in several counties throughout the Mount Rushmore state to provide mentoring and advice for small businesses owners. The state offers its own Economic Development Corporation to connect South Dakota businesses with state-sponsored resources and information.
The South Dakota Jobs Grant Program provides grants to finance projects for relocating or expanding operations and equipment. These grants are intended to fund projects that would not otherwise have come to fruition for lack of private financing.
South Dakota business owners can also search at Grants.gov to check for availability of federally-funded grants.
The first step is to decide on your business structure. You can start out as a sole proprietorship, and you’ll need to register the name of the business with the county of operation. If you decide on a corporation or a Limited Liability Corporation (LLC), you need to register your company with the South Dakota Secretary of State. You’ll also need to check local and state regulations to see if you need any specific permits or licenses.
After taking care of the paperwork, you need to prepare the documentation that lenders typically require. For instance, you’ll need a business plan, projections of financial statements, and cash flow projections. Your financial projections should show why you need the loan and how you intend to pay it back.
The type of loan you’ll need depends on its purpose. If you’re looking to buy a piece of equipment, you’ll want a term loan or equipment finance with payments spread out over several years. If you need to finance temporary build-ups in inventory, then a revolving line of credit would be best. Online platforms like Lendio help you do this in just a few minutes—and at no cost to you.
Banks and nonprofit organizations in South Dakota want to provide funds to small businesses that increase economic activity in their communities. Everyone gains when new businesses start up and existing businesses expand and add more employees. The availability of funds for small businesses to finance their operations is critical for the growth of local economies.