Are You in the Market for Business Lending in South Dakota

For over four decades, GROW SD has been on a mission to support entrepreneurs across South Dakota through affordable business financing.

Whether you're looking to purchase real estate, equipment, or inventory to grow and scale your operations, as your partner in economic growth, we're here to help. Both startups and existing businesses are encouraged to apply!

GROW SD operates from a mission of fostering a thriving business community in our region by providing collaborative lending solutions or comprehensive consulting services.

In 2025, we saw a high demand for affordable business loans. Fifty loans totaling over $5.5 million in funding were granted to 44 businesses located statewide. Each loan averaged around $110,000.

Business Loans

What loan amounts does GROW SD offer for businesses?

Loan amounts range and the terms that are based on the type of collateral provided. We can also partner with your bank to offer joint financing solutions if your project total is higher than we typically lend.

If approved, you will receive a lump sum of capital that will be paid back with regular payments and a fixed interest rate. Keep in mind that interest rates vary, so please call us to speak with a loan officer at 605-698-7654 and ask them for the current rates.

Do I need to offer collateral to get a loan from GROW SD?

Yes. You will need to provide collateral and show an ability to repay the loan.

How long will it take to receive my GROW SD business loan?

Once we have received a completed loan application and any additional information requested the review process is conducted promptly and confidentially. Depending on the loan amount, the application may need to be presented to the board, which can extend the overall timeline.

No-Cost Consulting Services to Grow Your South Dakota Business

In addition to its lending services, GROW SD is closely affiliated with the Small Business Development Center (SBDC).

The SBDC offers no-cost, confidential business management consulting services to support potential and existing small businesses throughout South Dakota to help them become more successful and sustainable.

Entrepreneurs can receive assistance with a wide range of services, including:

• Developing their business plans
• Preparing financial projections
• Navigating a wide range of business challenges

You can also explore more business training opportunities through the Verizon Small Business Digital Ready Program. Discover free courses, mentorship and networking opportunities and grants designed specifically for small businesses.

Are you ready to grow your South Dakota business?

If you're ready to start, expand, and grow your small business, you can start the application process with the online application tool. We also recommend that you check out our "How to Video" for tips on creating your online account.