SIOUX FALLS, S.D. (KWSN) - Downtown Sioux Falls, Inc. (DTSF) and its Business Development Committee have launched a new Micro-Finance Loan Program to provide supplemental financial support for its business members.
The program will offer loans ranging from $2,500 to $10,000 for businesses that have been established for at least one year.
Existing downtown businesses that have experienced one or more of the following conditions will be considered for loan funding:
- Experienced loss of revenue due to external circumstances that has negatively impacted business operations.
- Extended hours to 8:00 p.m. for at least five days per week, showing a three-month track record.
- Converted non-retail uses, such as office to retail.
- Expanded the business retail floor area.
Prior to submitting an application, interested businesses are required to consult with a SCORE counselor for recommendation of a customized business plan, so that potential pitfalls can be avoided.
Up to $100,000 has been allocated from the Downtown Economic Incentive Fund, which also supports the Retail Incubator Program. DTSF continues to strong interest in its Retail Incubator Program, which provides subsidies for new retail concepts to the downtown Sioux Falls area.
“While the Retail Incubator Program does a fantastic job of attracting new businesses to downtown, the Micro-Finance Program will ensure that businesses have the financial support to stay downtown if needed,” says DTSF President Joe Batcheller.
Interested business members can download an application from the DTSF website: dtsf.com, or call the DTSF office at 605-338-4009 for more information.
The micro-finance loans are not available to off-sale alcohol beverage establishments, tobacco shops, payday loan businesses, pawn shops, or other businesses deemed to be predatory or detrimental to the community.