The MicroLOAN South Dakota Loan Program is offering low-interest financing for young entrepreneurs just staring out. The loans are made available to small businesses in South Dakota and South Dakota residents.
The program offers a three percent fixed interest rate and up to a ten year term depending on the size of the loan. The loan amount can be $1,000 up to $100,000 and the project size up to $500,000.
Lead lenders can be banks, credit unions, or other approved lenders. However, the MicroLOAN is in a shared first collateral position when the lead lender is not a bank for credit union.
For more information, check out www.sdreadytowork.com.