Forward Huron – Small Business Recovery Loans

Greater Huron Development Corp | 1705 Dakota Ave S | Huron SD 57350 | | 605.352.0363

This revolving loan fund is a flexible emergency lending program to provide working capital to retail, service, manufacturing, or related business facing financial hardship from business disruption due to factors beyond their control. Disruptions include but are not limited to natural disasters, pandemics, fire, theft, road construction, and state, local, or national mandates. This fund is not intended to replace business disruption insurance but rather to provide options to sustain local businesses facing hardship due to disruption not covered by those policies.

Loan Program Highlights

•$2000 for 1-3 FTE Staff • $4,000 for 4-6 FTE Staff • $6,000 for 7+ FTE Staff

  • •Maximum loan based on Full Time Equivalent (FTE) staff employed in February 2020
    •0% interest loan with no monthly payments      •Personal Guarantee required by business owner
    •Loan principal due 24 months after origination • Collateral not required for approval
    •Financial statements not required                         • Business must have been open Feb 1 to Mar 6, 2020

Intended Uses

•Payroll and related expenses, including benefits          •Inventory and payments to suppliers
•Utilities and telecommunications services                    •Building rent, mortgage payments
•Emergency repairs necessary to maintain business operations or preserve integrity of facility or equipment

Ineligible Uses

•Debt repayment for real estate or other fixed assets – unless temporary relief cannot be negotiated directlywith the original lender(s)
•Purchase of new or pre-owned furniture, fixtures, or equipment not essential to maintain or re-open underthe same conditions as before the disruption
•Building or other real estate purchases
•Investments not directly related to existing employee benefits

Program Eligibility

•For-profit business operating full-time within the City Limits of Huron•Demonstrated hardship from business disruption, such as a necessary or mandated reduction in businesshours, services, or both•Business is open, or has plans to reopen after disruption event

Online Application Form

•Download the application at Complete, print, and sign the form. Scan and email thesigned application and required supporting documentation to, or mail it to theaddress on the application

Borrowers are encouraged to access related local, state, and/or federal programs, such as Disaster Loans through the US Small Business Administration (SBA) or relief programs offered directly through area lenders. Completed applications will be considered on a first-come, first-served basis, subject to availability of funds. Borrowers must complete Forward Huron application, provide requested supporting documentation, and sign required documents prior to the disbursement of funds.

NOTE: At this time all applications must be mailed or emailed as our offices are closed to the public.

Tags: , , ,