SBA lenders in South Dakota make 18 years of SBA loans in nine weeks
The US Small Business Administration South Dakota District Office says lenders in the state have approved 21,154 Paycheck Protection Program loans totaling over $1.6 billion.
This volume of loan approvals done in three months is about the same number of loans done in South Dakota in the past 18 years. Last fiscal year, South Dakota lenders made about $90 million in SBA guaranteed loans.
The PPP was created by the Coronavirus, Aid, Relief and Economic Security Act (CARES Act) and began April 3. 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.
Hundreds of lenders in South Dakota continue to participate in the response effort by directly facilitating the PPP loans, to quickly get survival capital into the hands of business owners. PPP loans remain available to small businesses through local community lenders until June 30.