MITCHELL, SD – The Mitchell Area Development Corporation (MADC) announces a new source of business loan funding available thru District III’s Areawide Business Council (ABC) Revolving Loan Fund (RLF). Loan terms are attractive at 0% interest for two years; no payment for 90 days; and no origination fee.
“I see this as a helpful resource during a time when our local businesses may be facing economic and workforce challenges, stated Mark Vaux, CEO for MADC. “The loan terms are very favorable towards existing businesses or individuals with a new business idea.”
“We are grateful for this funding opportunity provided by CARES Act funding and serviced through District III’s Areawide Business Council,” said Vaux.
Nearly $4 million is allocated exclusively for 15 south-central counties in South Dakota for a wide range of business uses for a limited time. With loans starting at $10 thousand, new and existing businesses are eligible to apply.
Eligible South Dakota counties for this particular RLF include Aurora, Brule, Buffalo, Charles Mix, Davison, Douglas, Gregory, Hanson, Hutchison, Jerauld, Lyman, Sanborn, Tripp, Bon Homme, and Yankton.
For more information, please contact Mark Vaux or David Lambert with the Mitchell Area Development Corporation at (605) 996-1140.
Additional questions and assistance regarding the program should be directed to Lori Cowman @ ABC RLF (605) 665-0751.