The Sturgis Economic Development Corp. Bridge Loan Program is available to small business owners located in Sturgis and Meade County that are experiencing economic damage as a result of COVID-19. Loans can be up to $5,000 per eligible business with 10 or fewer employees or up to $10,000 for more than 10 employees.
These short-term, working capital loans are intended to “bridge the gap” between the time a major catastrophe hits and when a business has secured longer term recovery resources, receipt of payments on insurance claims or SBA assistance.
The Bridge Loan Program is not designed to be the primary source of assistance to affected small businesses, which is why eligibility is linked pursuant to other financial sources. Loans made under this program are short-term debt loans, not grants. The SEDC Bridge Loans require repayment by the approved applicant from longer term financial resources like the SBA.
Applications will be accepted by qualified for-profit or non-profit small businesses that maintain a place of business in Meade County. All qualified applicants must have been established prior to March 9, 2020, and suffered economic injury as a result of the COVID-19 crisis.
Submit completed application to firstname.lastname@example.org.
For questions, contact Amanda Anglin, SEDC Executive Director at email@example.com or 605-206-0395.