DEADWOOD — The Deadwood-Lead Economic Development Corporation (DLEDC) has created a new loan program designed to support businesses facing economic hardship.
The program is an Small Business Administration (SBA) matching interest loan program for small to mid-size companies and entrepreneurs.
“This virus has moved us into unknown territory, and the economic impacts are widespread in our hospitality and tourism-based economy of the Northern Black Hills,” said DLEDC Executive Director Kevin Wagner. “This new relief loan program announced today is a critical step that will provide immediate assistance to businesses and help mitigate the economic impact of this unprecedented challenge, assist area workers and businesses to weather the storm, and ultimately come out stronger when business returns to normal.”
This initiative is meant to complement and act as an immediate bridge loan to other recently announced federal economic recovery initiatives, some still awaiting guidelines from SBA.
“This program is a great opportunity for small businesses in the Deadwood amd Lead communities that are unable to wait for SBA assistance approval and need something now. If you own a small business, please reach out to our office, regardless if you’d utilize this program. Our team has already assisted dozens of businesses through the SBA application process and can provide guidance on which programs will work best for your situation,” said Board Chairman Michele Loobey-Gertsch.
DLEDC has been working to fast track the implementation of the program through refinancing of their existing revolving loan fund dollars. Currently, DLEDC has $2.01 million in low interest loan assistance out to 26 Deadwood and Lead businesses. The existing loan fund helps with business startup, expansion, and primarily gap financing with a traditional lender to make a project happen.
The Disaster Relief Loan Program eligibility requirements and loan application are available at:
Reprinted courtesy of Black Hills Pioneer