First District has obtained an additional $1.56 million in Revolving Loan Fund (RLF) assistance through the Economic Development Administration (EDA). These new loan funds (along with First District’s current RLF funds of approximately $2 million) are being offered at attractive terms to businesses in an eleven county region as shown to the left (including Brookings, Clark, Codington, Deuel, Grant, Hamlin, Kingsbury, Lake, Miner, Moody, and Roberts). The revolving loan funds and favorable terms are the result of the mission of the CARES Act to alleviate the sudden and severe economic dislocation caused by the coronavirus (COVID-19) pandemic and to provide permanent resources to support economic resiliency.
Money can be used for:
▪ New Construction
▪ Inventory/Working Capital
Loan terms will depend on use of funds (5-20 years) with an interest rate of 2.5%. Private lender participation may be required, depending on the financial condition of the borrower, the nature of the project, and the loan amount. These terms will expire in early 2022.
Applicants will be considered under normal underwriting criteria. Contact FDDC to discuss your project and to obtain a loan application.