The MicroLOAN South Dakota Loan Program is a partnership with the South Dakota Development Corporation, and Governor's Office of Economic Development. These loans are made available to small businesses within the borders of South Dakota and South Dakota residents, including main street and retail operations, for working capital, equipment, real estate or other fixed asset project costs.
The MicroLOAN Express operates in the same fashion as the MicroLOAN, with the following exceptions:
If an applicant qualifies under the policies and procedures of the MicroLOAN and they receive bank or credit union approval, approval under the MicroLOAN Express will be automatic as long as the MicroLOAN Express portion is in a pro-rata first collateral position with the bank or credit union.
The bank or credit union must file all of the documents it requires of the applicant, as well as all internal documents relating to the loan with the Governor's Office of Economic Development in order to receive the paperwork relating to the MicroLOAN Express loan.