WS Area Revolving Loan Fund
Wessington Springs Area Development Corporation has a desire to help people succeed in business. To help us accomplish this, a revolving loan fund was created in 1999 and is available to anyone within and around the Wessington Springs area interested in expanding their business, an entrepreneur who wishes to open a business, or if your business is currently experiencing a challenge to keep its doors open this program may meet your needs.
How might a person tap into this resource? Just call or come into the Wessington Springs Area Development Corporation (WSADC) office. We have a two page application, a business plan outline, and some basic forms that will help you design the financial success of your business dreams.
We understand that paperwork tends to scare people, but in truth if you have any questions or need assistance in filling out these documents WSADC has the resources to connect you to professionals who can help you refine your business ideas, use your basic financial figures (cash flow) to develop a three year financial (projections) outlook, and help you decide the best financial packaging suited to your needs.
Currently the revolving loan fund has almost $155,000.00 available to lend, but please be aware that the availability per business is as follows:
- DIRECT LOANS – A maximum of 60% of the total loan request can come from the WSARLF with at least 40% from a traditional lending source or owner equity (sweat equity may qualify for part or all of the 40%). WSARLF loans are limited to a maximum of $50,000.00 per business.
- CD PLEDGE GUARANTEED LOANS – 50% of the loan request or a maximum of $20,000.00.
Wessington Springs Area Revolving Loan Fund offers a 5% interest rate; with 2½ percent going to North East South Dakota Economic Development Corporation (NESDEC) and 2½ percent going to the WS Area Development Corporation for the work each organization performs.
Note: Even if you choose not to apply for the revolving loan the resources we have available through our office will help you be successful. No matter what financial institution you approach, they all accept the documentation (forms) we ask you to develop in our application process. So please, if you have a business idea you want to develop, wish to expand the business you currently are running, or are in need of redefining your business plan, Wessington Springs Area Development Corporation can help you “get through” the process, if you’ll just walk through our doors!
Our office hours (M/T/Th – 9 – noon & 1 – 5) may vary due to the nature of our business. If the lights aren’t on we may just be running an errand, at a meeting, or some such task. Please leave a message (name & phone) with the office personnel at City Hall or call (605) 539-1929 so our coordinator can get back with you as soon as possible.