Downtown Sioux Falls Launches Micro-Finance Program
Downtown Sioux Falls, Inc (DTSF) wants to give a boost of $2,500 to $10,000 to qualifying businesses that have had their doors open for at least a year in the core of the city.
DTSF along with their Business Development Committee have launched a new Micro-Finance Loan Program to businesses that meet at least one of the requirements, according to a recent statement:
- Experienced loss of revenue due to external circumstances that has negatively impacted business operations.
- Extended hours to 8:00 p.m. for at least five days per week, showing a three-month track record.
- Converted non-retail uses, such as office to retail.
- Expanded the business retail floor area.
A consultation process will also be a part of the loan review, which has been established by the Downtown Economic Incentive Fund, which has already launched a business incubator program.
“While the Retail Incubator Program does a fantastic job of attracting new businesses to downtown, the Micro-Finance Program will ensure that businesses have the financial support to stay downtown if needed,” says Joe Batcheller, DTSF President.