Resources for Small Businesses in Unprecedented Times

Prior to the novel coronavirus (COVID-19) outbreak, small businesses were increasing in number and net job creation. Today, South Dakota small businesses are facing an unprecedented economic disruption and historic challenges due to the pandemic crisis. Cities have implemented mandatory closures of public spaces to ensure social distancing to prevent the spread of the virus, so those difficulties have only increased. With economic conditions changing rapidly, so are business resources and loan programs. In trying to keep up with the changing economic environment, First District Development Company (FDDC) has provided numerous emails and updates to lenders and clients. A collection of programs and resources are assembled on FDDC’s website on the events page:

Here is a summary of programs that may interest you…

Paycheck Protection Program

The Paycheck Protection Program (PPP) provides small businesses, certain non-profits and other entities with zero-fee loans of up to $10 million. Up to 8 weeks of average payroll, benefits, and other costs (such as mortgages, rent, and utilities) will be forgiven if the business retains its employees and their salary levels. Principal and interest are deferred for up to a year and all borrower fees are waived. These loans are available through SBA 7a lenders.

U.S. Department of the Treasury program guidelines and frequently asked questions for this program can be found at:

Economic Injury Disaster Loans and Emergency Economic Injury Grants

Economic Injury Disaster Loan (EIDL) is a provision to provide an advance of $10,000 within three days of application to small businesses and nonprofits who apply for the SBA EIDL loan. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. EIDLs are loans of up to $2 million that carry interest rates up to 3.75 percent for companies and up to 2.75 percent for private non-profits, as well as principal and interest deferment at the SBA Administrator’s discretion. The loans may be used to pay for expenses that could have been met had the disaster not occurred, including payroll and other operating expenses. You can get information and make application at the following website:


Governor Noem’s Small Business Relief Fund

Governor Noem’s Small Business Relief Fund is available to South Dakota for-profit or nonprofit businesses that need assistance to help make ends meet. Business that have less than 250 employees with  a South Dakota presence are eligible for loans up to $75,000 at 0% interest. The Governor’s Office of Economic Development expects high demand for these loans, as such, applications will be evaluated on a first come, first served basis. More program information can be found at


For additional business resources please check out FDDC’s website on the events page: