Helping Small Businesses in Rural Areas of Western South Dakota
The program provides flexible financing at affordable interest rates
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.
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.
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. WRFECD 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 begins with an initial interview. Upon submission of all application materials, staff processes the request. A decision is usually made within a couple weeks.
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 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.