Mount Rushmore
May 14, 2020

State provides $10.5 million in small business loans

Pierre, SD - 5.12.20 Gov. Kristi Noem said Tuesday the state has issued $10.5 million in economic development loans to 200 small businesses across South Dakota to provide financial assistance during the coronavirus pandemic.

Noem started the Small Business Relief Fund in April. To qualify, businesses were required to have fewer than 250 employees and have the business based in South Dakota and established before March.

"These businesses literally span the entire state from every corner to every region," Noem said at her daily press briefing. "We're helping restaurants, retail shops, hotels, salons, trade shops, construction and manufacturing, and many more different businesses."

According to a listing of the businesses that received the assistance, loan amounts ranged from $5,000 to $75,000.

Fifty-one businesses in Rapid City, Box Elder, Sturgis, Hill City, Keystone, Spearfish, Deadwood, Lead, Custer and Hot Springs received a total of $2,430,000 from the program.

Noem commended the efforts by state agencies to distribute the funds in just over three weeks.

"They were amazing in how they recognized the need that these family businesses had to pay bills, to keep their operation going, to provide for their employees and families," she said. "They worked overtime, many times through the night to make sure they got those dollars out the door as soon as possible."

Reprinted courtesy of Rapid City Journal