Washington, DC – U.S. Senator Tim Johnson (D-SD) announced today that Grow South Dakota will receive a $1 million loan from the U.S. Small Business Administration (SBA) through the Intermediary Lending Pilot (ILP) program. Grow South Dakota will use the funding to provide loans to small businesses totaling up to $200,000 each to expand business development across the region. These small businesses will use these loans as working capital or for the purchase of inventory, supplies, real estate and equipment.
“The funding for Grow South Dakota will help develop small businesses in our state,” Johnson said. “I supported the Small Business Jobs Act because I knew it would have a positive impact on small businesses in South Dakota and across the nation.”
The Small Business Jobs Act, which Johnson supported, put in place the ILP Program to help increase lending to startups and newly established small businesses in underserved areas, including rural communities. The SBA makes direct loans to ILP Intermediaries for the purpose of increasing access to business capital.
Johnson joined with members of both parties to pass the Small Business Jobs Act in September to help create new jobs and strengthen our economic recovery. The legislation is fully paid for and also includes small business tax cuts and the creation of a program to unfreeze lending to small businesses.
For more information on Senator Tim Johnson visit his website at http://johnson.senate.gov.