Governor Kristi Noem and the Governor’s Office of Economic Development (GOED) announced the first 94 loan recipients of Governor Noem’s Small Business Relief Fund. This fund provides small businesses in South Dakota access to capital to help during this COVID-19 pandemic.
“This crisis is historic in the worst way. So many small businesses are hurting, but my team at GOED is working to help,” said Noem. “My Small Business Relief Fund has already approved just shy of 100 loans, equaling more than $5 million, to help South Dakota communities from Keystone to Sioux Falls stay on their feet during this unprecedented pandemic.”
Industries that have been approved for loans include hotels, restaurants, retail, tourism, manufacturing, and others.
Loan recipients can be found here.
Here are the criteria for loan recipients:
- Be a small for-profit or non-profit business as defined by SBA, but with less than 250 employees;
- Physical presence in South Dakota;
- Established prior to March 2020;
- Provide a written acknowledgement from a South Dakota bank and/or certified public accountant that the applicant has made statements or otherwise provided information or evidence that supports applicant’s claim that applicant’s business has suffered material negative impact from the COVID-19 pandemic;
- Have a personal credit with a minimum score of 650; lower requires a special exception;
- Demonstrate 1:1 debt coverage ratio with the new debt factored under normal circumstances.
To learn more about Governor Noem’s Small Business Relief Fund, visit sdgoed.com/covid-19/.