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South Dakota WORKS

Program Overview

  • Business/commercial loans for businesses needing working capital
  • Term of 1 to 5 years
  • Loan amount up to $1,000,000 million with a minimum amount of $20,000 

Eligible Borrowers

  • Businesses seeking new financing
  • Certified Community Development Financial institutions
  • Meet US Treasury guidelines
  • Only have one WORKS loan at a time per borrower

Ineligible Borrowers

  •  Non-profits
  • Speculative development
  • Lending institutions, insurance companies
  • Businesses engaged in pyramid sales
  • Gambling concerns and private clubs
  • Businesses engaged in activities prohibited by law

Eligible Use of Funds

  • Business purposes including: start up costs, working capital, payroll, inventory needs and interim construction loans

Ineligible Use of Funds

  • Purchase, construction, renovation, or tenant improvements of an eligible place of a business that is for passive real estate investment purposes
  • Refinancing purposes
  • Repay delinquent federal or state income taxes
  • Repay taxes held in trust or escrow
  • Reimburse funds owed to any owner
  • Purchase any ownership interest of any owner


  • SD works can fund up to 20% of a project in a subordinated lien position.
  • Bank or credit union must participate in a project with a minimum of 20%. 

The Process

  • The application packet is submitted to GOED loan officer for review
  • SD WORKS loan review committee will meet to review the application on an as needed basis.

Private Lender Participation

  • The bank or credit union must file all of the applicant’s documents they require, as well as all internal documents relating to the loan with the GOED, or the borrower needs to submit a SD WORKS application to the GOED


  • Second on assets that banks or credit union take as collateral


  • Origination fee of 1.5%

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