South Dakota District Office  

Statement by SBA Administrator Guzman Observing Women’s History Month 2022

Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice for America’s 32.5 million small businesses in President Biden’s Cabinet, issued the following statement to commemorate Women’s History Month.

“As we kick off Women’s History Month 2022, themed women providing healing, promoting hope, I honor our incredible women in caregiving and healthcare and think of all the women entrepreneurs across sectors who have, for generations, lifted up their children, their families, and their communities with their creativity, ingenuity and commitment to the common good. 

At the SBA, we’re committed to supporting our women entrepreneurs who held our nation together throughout the pandemic and, today, are helping to drive our historic economic growth. We want to ensure women entrepreneurs can get their businesses funded and access the strong networks at the SBA so they can take advantage of market growth opportunities to build resilient businesses. This is why I have elevated the SBA Office of Women’s Business Ownership to report directly to me, so I can ensure that supporting women entrepreneurs remains a priority. Through this office over the past year, we’ve invested nearly $70 million in support of our Women’s Business Center network – creating a robust, vibrant ecosystem focused on the unique strengths and needs of women entrepreneurs made up of more than 140 centers in every state in the country.  And, to support women of color, who are leading the way when it comes to small business creation, we’ve doubled the number of Women’s Business Centers at HBCUs and other Minority Serving Institutions.

The path of entrepreneurship has opened doors and provided opportunity and financial independence for strong, visionary women throughout American history.  President Biden, Vice President Harris and I believe in investing in women entrepreneurs not just because it’s the right thing to do, but because time and again that investment has paid off for America. In honor of all the pioneering women entrepreneurs upon whose shoulders we stand, we will continue fighting to ensure every woman entrepreneur can have the opportunity to blaze their own paths and achieve the dream of business ownership.”

SBA funding helps to power two Women’s Business Centers in South Dakota:   SD CEO East Women’s Business Center, in Sioux Falls; and, SD CEO West Women’s Business Center, in Spearfish. To connect with either WBC, visit: https://www.bhsu.edu/sdceo/.

EIDL UPDATES

SBA COVID-19 EIDL Repayment Starts Soon!

Since April 2020, the U.S. Small Business Administration approved over 8,000 Economic Injury Disaster Loans (EIDL) for South Dakota small businesses, agricultural producers, and nonprofit organizations. The COVID-19 EIDL is a loan program with a 30-year maturity and an interest rate of 3.75% for small businesses and 2.75% for nonprofits. Under the COVID-19 disaster declaration, most EIDL loan payments were deferred for 24 months.  For many early borrowers, initial payments are due soon.

LOAN REPAYMENT: Borrowers should prepare to make digital payments through the SBA Capital Access Financial System (CAFS).  Through CAFS, borrowers may easily track loan information such as loan balance, interest amounts, and payment dates. Borrowers may gain access to the system following the CAFS account enrollment and access – instructions for borrowers.

Actual loan payments are made via https://www.pay.gov/public/home using the online SBA Form 1201 – Borrower Payment.

COLLATERAL CONSIDERATIONS: Borrowers should review their loan authorization to ensure they are following certain provisions. For loans above $25,000, SBA filed a lien on the business assets. If a business owner intends to sell a piece of equipment used as COVID-19 EIDL collateral, or the business itself, SBA approval is needed to release associated liens. In some cases, this may require a cash payment to reduce the loan balance. South Dakota EIDL borrowers may contact the SBA servicing center in El Paso, Texas at 1-800-487-6019, for assistance.

Deadlines Approaching in South Dakota for SBA Working Capital Loans Due to Drought

The South Dakota SBA District Office would like to remind small nonfarm businesses of deadlines that are approaching in March to apply for an SBA federal disaster loan for economic injury.  These low-interest loans are to offset economic losses because of reduced revenues caused by drought last summer. 

Small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may apply for Economic Injury Disaster Loans of up to $2 million to help meet working capital needs caused by the disasters.  EIDLs may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disasters’ impact.

SBA eligibility covers both the economic impacts on businesses dependent on farmers and ranchers that have suffered agricultural production losses caused by the disasters and businesses directly
impacted by the disasters but does not cover businesses primarily engaged in farming or ranching.  However, in drought disasters
nurseries are eligible for SBA disaster assistance.

Currently there are 11 disaster declarations in South Dakota.  For more information and to see if your county is included, visit

https://disasterloanassistance.sba.gov/ela/s/search-declarations

SBDC Day is a national, collective proclamation of the impact America’s Small Business Development Centers (SBDCs) have on the success of our nation’s dreamers, innovators, and doers – America’s small businesses.

Over the past year SBDCs across the country have illuminated the way for their small business clients. 62 SBDC networks pulled together a robust, impressive and inspiring collection of their client’s success stories.

Check out the resources and services provided by the South Dakota Development Center Network at:  https://sdbusinesshelp.com/

SBA Upcoming Events

Wednesday, March 9, 2022                                     1:00 – 2:30 PM CST

Risk Management – Planning for the Unexpected (SBA Money Smart Series)

Risk Management is key for a Small Business to navigate the uncertainties of disasters, both manmade and natural and understand how risk management can benefit their business.

• Identify the common risks associated with a small business.

• Identify the external and internal factors which affect risk for a small business.

• Identify situations that may cause risk for a small business.

• Identify the common warning signs of risk for a small business.

• Implement, monitor, and evaluate a risk management plan for a small business.

Register at:  https://www.eventbrite.com/e/risk-management-planning-for-the-unexpected-sba-money-smart-series-tickets-211988402017

Tuesday, March 15, 2022                                         9:00 – 10:00 AM CDT

Davis Bacon and Service Contract Act (Wage and Hour) Requirements

The wage and hour session will offer an overview of the Service Contract Act and federal Davis-Bacon laws and the everyday application of these laws in the workplace. The webinar will cover the issues central to government contract compliance including prevailing wage and fringe benefit requirements, completing certified payrolls, specific record keeping requirements and guidelines for the correct payment of overtime. This session will also include a discussion on the problem areas most common in government contract compliance. Presented by Corey Walton, U.S. Department of Labor/Wage & Hour Division. Tri-state webinars are made possible by the Procurement Technical Assistance Centers (PTAC) and Small Business Administration (SBA) District Offices in North Dakota, South Dakota & Minnesota.

Register at:  https://www.sba.gov/events/1701675

Learn to Trade Roundtable Webinar: Accessing the Mexican Market

Tuesday, March 15, 2022                                      1:00 – 2:00 PM CDT

Insurance – Choices for Business

Wednesday, March 16, 2022                                  1:00 – 2:00 PM CDT

Insurance for a Small Business is an important aspect of any business owner and knowing how insurance can benefit their business.

• Identify the types of insurance required by a small business

• Identify other types of insurance a small business should consider

• Explain why insurance is important for a small business

Register at:  https://www.sba.gov/events/1702671

SBA Resource Partner Upcoming Events

Celebrate National Women’s History Month with SD CEO West at the “Providing Healing, Promoting Hope” Women In Networking (WIN) Breakfast on Tuesday, March 8th, 2022, from 8:30 AM – 10:00 AM at The Barn in Spearfish. Early networking and registration starts at 8:00 AM.

The 2022 Women’s History theme, “Providing Healing, Promoting Hope,” is both a tribute to the ceaseless work of caregivers and frontline workers during this ongoing pandemic and also a recognition of the thousands of ways that women of all cultures have provided both healing and hope throughout history. 

Women as healers harken back to ancient times. Healing is the personal experience of transcending suffering and transforming it to wholeness. The gift of hope spreads light to the lives of others and reflects a belief in the unlimited possibilities of this and future generations. Together, healing and hope are essential fuels for our dreams and our recovery. 

This year, in particular, we are reminded of the importance of healers and caregivers who are helping to promote and sustain hope for the future.  

Women have long advocated for compassionate treatments and new directions in public health and in women’s mental and physical health. Women have also historically led the way in mending divisions, healing wounds, and finding peaceful solutions. This timeless work, in so many ways and in addition to so many other tasks, has helped countless individuals in our communities recover and follow their dreams. 

The 2022 theme proudly honors those who, in both public and private life, provide healing and promote hope for the betterment of all. 

Any questions about WIN or the breakfast, please call Carissa Hauck at 605.642.6948. 

Women In Networking (WIN) is an organization under the SD CEO West Women’s Business Center for women in business that provides an opportunity to widen their professional networks, promote their business or organization and network with other women.

WIN connects women, familiarizes participants with other businesses and/or upcoming events, and supports the SD CEO Women’s Business Center.

More information at:  https://sdceo.ecenterdirect.com/events/1018542

Join SD CEO East in a celebration of Women’s History Month with this EmpowHERment Panel on March 10, 2022, in Sioux Falls, SD, at the Museum of Visual Materials from 11:00 AM – 12:30 PM!

Women of the past have paved the way for the world we get to live in today. March is a month for celebrating those who have made history as well as those that are making a difference today. Let us gather to commemorate those who have gone before us, charge up from those impact creators of this era, as well as empower each other by joining to celebrate women of every walk of life of the now. Our EmpowHERment Panel of both entrepreneurs and intrapreneurs will leave you inspired and ready to conquer the rest of 2022 and beyond!

More information at: https://sdceo.ecenterdirect.com/events/1018570