New Loan Program for Small Businesses

     PIERRE, S.D. (AP) - Gov. Dennis Daugaard says South Dakota is
starting a new loan program to help South Dakota's small businesses
expand.
     The program, called South Dakota WORKS, is funded by a $13.2
million grant from the U.S. Treasury Department. It will provide
small businesses with working capital, startup funds and money for
payroll and inventory.
     Daugaard says the new program will complement existing loan
programs operated by the Governor's Office of Economic Development.
He says the nation's economic problems have made it difficult for
businesses to borrow the working capital they need for expansion
projects.
     The governor says the state expects the program will generate at
least $10 in private lending for every $1 in federal spending. That
would mean the $13.2 million federal grant will support $132
million in private lending.