The Fabric Inn Approved for MicroLOANJuly 28, 2015
The Fabric Inn, a fabric and craft store located in Miller, S.D., was approved for a MicroLOAN by the South Dakota Development Corporation (SDDC). Marla Bertsch, who recently bought the business, will use the funds to purchase new and existing inventory, fixtures and equipment. Bertsch plans to expand the product line to include craft paints, general craft items and offer sewing, quilting and craft classes.
“We’ve seen a lot of success this year with small businesses utilizing the MicroLOAN program,” said Commissioner Pat Costello, Governor’s Office of Economic Development (GOED). “The Fabric Inn has been around for a long time in Miller, and I’m pleased to see Marla will be breathing new life into it.”
“Small businesses like The Fabric Inn are vital to not just our rural economy, but our state’s economy, too,” said Robert Fouberg, SDDC chairman. “We provide working capital, equipment and real estate financing, tools with which many small businesses need some assistance. In addition, reasonable, fixed, long-term interest rates allow for greater operational flexibility and make more capital available to grow the business and add jobs throughout South Dakota.”
“When I bought The Fabric Inn, I didn’t know where to start. But working with the state and On Hand Development helped me find options and low-interest financing,” said Marla Bertsch. “I didn’t even know some of these programs existed, so I’m happy I found out about them. As a small business owner now, I encourage other small businesses to ask about what the state can do for you.”
“It’s so important for businesses to partner with local development agencies because we’re able to bridge that gap to the state and its financing programs,” said Travis Anderberg, On Hand Development board member. “On behalf of On Hand Development, we wish Marla much success on her new venture with The Fabric Inn.”
Bertsch says an open house and ribbon cutting event is planned for the end of August.
For more information about the MicroLOAN program and other financing and incentive programs offered through the GOED, visit www.sdreadytowork.com/finance.