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© 2008 District III Planning and Development
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LOAN SERVICING
The loans made by ABC are serviced by Planning and Development District III. District III staff will assist borrowers in documenting job creation/retention, business performance, and other follow-up information required by the RLF.
NON DISCRIMINATION STATEMENT
The U.S. Department of Agriculture (USDA) prohibits discrimination in all its program and activities on the basis of race, color, national origin, gender, religion, age, disability, political beliefs, sexual orientation, marital or family status. (Not all prohibited bases apply to all programs.) To file a complaint of discrimination, write USDA, Director, Office of Civil Rights, Room 326-W, Whitten Building, 14th and Independence Avenue, SW, Washington, D.C. 20250-9410 or call (202) 720-5964 (voice or TDD). USDA is an equal opportunity provider and employer.
YANKTON SIOUX TRIBE REVOLVING LOAN FUND:
YST RLF Supports Area Entrepreneurs
In January, 2004, the Yankton Sioux Tribe received a $150,000 Rural Business Enterprise Grant from the U.S. Department of Agriculture to create a revolving loan fund. The revolving loan fund will assist with economic development activities and will provide opportunities for economic growth. The Areawide Business Council, Inc administers the fund.
The purpose of the YST RLF is to aid small and emerging businesses and entrepreneurs with business start-ups/expansions, and to provide for technical assistance when necessary.
YST RLF Loan Approval
The following points of consideration are for information purposes only. Loan approval is dependent upon board action.
- This is a loan program, not a grant, therefore repayment is expected.
- All loan proceeds will be paid directly to third party vendors or service providers (invoices required). No loan proceeds checks will be paid directly to the borrower.
- Only complete applications will be processed and reviewed by the ABC Board of Directors.
- Pre-applicant training requirement.
- Eligible applicants are enrolled members of the Yankton Sioux Tribe.
- $10,000 maximum loan amount.
- Up to a 5 year repayment period.
- Loan review will pay particular attention to sources of repayment.
- Borrowers will need an understanding of their personal finances.
- Equity contribution will be a positive factor.
- Establishment of a bank relationship is strongly encouraged.
- Interest rate is dependent upon the type of project and current market rate of interest.
- Collateral for the loan is dependent on the type of project. (Example: If funds are used to purchase a vehicle – title will be required as the collateral.)
- Projects must fall within the Target Area which includes the counties of Charles Mix, Gregory, Douglas, Bon Homme, and Yankton.
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