South Dakota WORKS « Back to Search Results
South Dakota WORKS

Category: State Incentives, Grants & Loans

Program Overview

Business/commercial loans for businesses needing working capital
Term of 1 to 3 years
Loan amount up to $1 million with a minimum amount of $20,000


Eligible Borrowers
Businesses seeking new financing
Certified development financial institutions
Meet US Treasury guidelines
Only have one WORKS loan program at a time for a company

Ineligible Borrowers

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 new 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


80% Bank or Private Debt
20% SD WORKS Loan

The Process
The application packet is submitted to GOED loan officer for review
SD WORKS loan review committee will meet to review the application once a month

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 private lenders take as collateral

$100 application fee

Fast Fact Image

Success Stories

Big Sioux Pork opened in April of 2012. As of 2015  they employ 14 people full time, with an additional 3 part-time staff members. Through November of 2015 they've weaned 28,000 piglets!