South Eastern Development Foundation Selected
For New Intermediary Lending Pilot Program
SIOUX FALLS, SD – Startups, newly established and growing small businesses now have a new source of financing backed by the U.S. Small Business Administration. South Eastern Development Foundation, Sioux Falls, has been funded by SBA to start making loans to qualified small businesses. Under this program, South Eastern Development Foundation will be able to loan $1 million over the next two years at sub-market interest rates.
“This new funding vehicle provides another important tool for South Dakota small businesses,” said John L. Brown II, South Dakota SBA District Director. “Economic development organizations in South Dakota do an excellent job for the state and South Eastern Development Foundation will expand on that effort with these new funds.”
In 2002, South Eastern Council of Governments created the non-profit organization, South Eastern Development Foundation, to provide gap financing to new and expanding businesses. Lynne Keller Forbes, Executive Director, added, “We are glad to now offer one more source of funds to assist the small business community. This is especially important for access to capital in the Sioux Falls region where funds have become limited.”
The South Eastern Development Foundation can be reached at (605) 367-5390 or visit their website at www.secog.org.