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 PRESS RELEASE 711 E. Wells Ave. | Pierre, SD 57501 | 800-872-6190 | fax 605-773-3256 | |
| FOR IMMEDIATE RELEASE: Tuesday, March 8, 2011 CONTACT: Jennifer Lambley, Communications Coordinator, 605-725-9200 Changes with SBA could benefit South Dakota companies PIERRE, S.D. - The U.S. Small Business Administration recently launched a new program that allows small businesses to refinance mortgages and equipment with 504 loans. The temporary program applies to companies that wish to refinance and have a maturing loan or upcoming balloon payment due. The SBA is now accepting applications. According to Secretary Pat Costello, South Dakota Department of Tourism and State Development, a number of small businesses in South Dakota could benefit from the program. “As in other parts of the country, the recession has forced many of South Dakota’s small business to tighten their belts. I’m optimistic that this program will give these businesses a little cushion as the national economy recovers,” Costello said. To qualify, borrowers must have balloon payments or loans that mature by the end of 2012. The program, which was authorized under the Small Business Jobs Act, will be in effect through Sept. 27, 2012. To qualify for the traditional 504 loan program, a company must be financing an expansion. This temporary program waives the expansion requirement. For a full listing of financing terms and program parameters, visit sdreadytowork.com and click on the 504 loan button, or contact La Jena Gruis, SBA 504 Loan Officer at 605-773-3301, or email lajena.gruis@state.sd.us. -30- About the GOED: The GOED works to expand primary job opportunities for all South Dakotans. It strives to retain and expand existing businesses, foster new businesses, facilitate business succession and recruit out-of-state businesses. The office works closely with community economic development corporations to expand and diversify the state’s industry and economy, and administers a variety of financing opportunities available to new and existing businesses. About the SBA: The U.S. Small Business Administration (SBA) was created in 1953 as an independent agency of the federal government to aid, counsel, assist and protect the interests of small business concerns, to preserve free competitive enterprise and to maintain and strengthen the overall economy of our nation. It recognizes that small business is critical to economic recovery and strength, to building America's future, and to helping the United States compete in today's global marketplace. | |