SBA lenders in South Dakota make 18 years of SBA loans in nine weeks
SIOUX FALLS, S.D. — The U.S. Small Business Administration (SBA) South Dakota District Office announced that South Dakota lenders have approved 21,154 Paycheck Protection Program (PPP) loans totaling over $1.6 billion throughout the state today.
This volume of loan approvals equates to approximately 18 years of annual SBA loan approvals in South Dakota made in less than three months. Last fiscal year, South Dakota lenders made about $90,000,000 in SBA guaranteed loans.
The PPP provides forgivable loans to small businesses affected by the COVID-19 pandemic to keep their employees on the payroll and help cover specific operational costs.
“The promotion and facilitation of the PPP is a team effort,” said SBA South Dakota District Director Jaime Wood. “South Dakota’s State Office of Economic Development, local leaders, lenders, entrepreneurial focused community organizations, and SBA resource partners worked closely with the SBA South Dakota team to assist small businesses throughout COVID-19.”
Hundreds of South Dakota lenders continue to participate in the response effort by directly facilitating the SBA PPP loans, to get survival capital into the hands of business owners quickly.
Currently, PPP loans remain available to South Dakota small businesses through local community lenders until June 30, 2020.