SIOUX FALLS, S.D. (KELO.com) — South Dakota small businesses are getting their first wave of COVID-19 assistance from the state.
Gov. Kristi Noem’s Office of Economic Development has approved no-interest loans for 93 businesses, 25 of which are in Sioux Falls. 55 businesses in the state have already been paid. One business withdrew its application.
In total, the program is sending out just under $5 million in loans.
The governor’s office specifies the requirements to receive loans as follows:
- 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 acknowledgment 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.
