Helping Small Businesses in Rural Areas of Western South Dakota
The program provides flexible financing at affordable interest rates
Funding Solutions
The West River Revolving Loan Fund is designed to assist small businesses in rural areas of western South Dakota obtain financing that may not otherwise be available. The intent is to create or retain jobs and assist in economic development. The program provides flexible term financing at affordable interest rates.
About Us
The West River Revolving Loan Fund has been providing funding solutions to rural small businesses in Western South Dakota for over 20 years. We partner with private lenders and government programs to offer creative, flexible and favorable loan packages that foster start-ups and small business expansion.
What We Do
WRRLF can provide small business gap financing, or finance construction, working capital, or start-up costs. We help businesses develop strength to be eligible for bank financing and we work in partnership with traditional bank financing to lower overall credit risk. Our rates are competitive, our terms are flexible and our approval requirements take into consideration a new business’s needs.
Our Experience
Local banks in rural areas have historically been tremendous resources to businesses, but they often want a partner to share the risk in new or unfamiliar business underwriting. WRLF has a long history of supporting traditional financing with partner lending.
Without the assistance of an IRP RLF, not only would these businesses not be able to achieve their starts or expansion, but local banks would not have been able to book their portions of the loans, an important part of a healthy local economy.
The Process
The process begins with an initial interview. Upon submission of all application materials, staff processes the request. A decision is usually made within a couple weeks.
Revolving Loans
Loans will be underwritten based on historic and projected cash flows with demonstrated ability to repay being the primary consideration. All loans require approval concurrence from USDA.
Meat & Poultry Revolving Loans
Applications are now being accepted for the West River Meat & Poultry Lending Program to support South Dakota’s small and medium-sized meat and poultry processors.
The Meat & Poultry Lending Program (MPLP) offers low-interest loans for the start-up, expansion, or operation of slaughter and value-added meat and poultry processing.
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Eligible Uses
Working capital, inventory, equipment, or land & building
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Eligible Businesses
New or expanding for-profit businesses in South Dakota
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Economic Development Criteria
Some job creation or retention is usually expcted with other economic impacts considered
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Loan Amount
WRRLF can fund up to 75% of a project with a maximum of $250,000
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Borrower Equity
Minimum of 10%
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Collateral
Varies on a case by case basis and can include project collateral or outside collateral
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Terms
Loan amortization depends on the asset being financed, real estate is up to 20 years. Interest rates are competitive, usually below current bank rates
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Fees
1% of WRRLF loan + $250
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Service Area
Western South Dakota
Our Staff
Fran White
Loan Manager
605-716-0012
fwhite@wrbsc.com
Jerred Tarrell
Loan Officer
605-721-7437
jtarrell@wrbsc.com
Lois Kirkegaard
Meat & Poultry Loan Officer
605-228-7428
lkirkegaard@wrbsc.com
Peggy Outka
Loan Servicing Officer
605-716-0011
poutka@wrbsc.com