FDDC Blog

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It’s SNOW Joke – 504 Rates Dropped!

December’s funding brings wonderful news for the 504 loan program – this month’s rates dropped significantly marking the largest rate decline in the program since February 2016. The 20 and 25 year SBA 504 debenture rates each declined 33 basis points.


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IMED Mobility Wins National Award

Amongst numerous nominees, IMED Mobility was chosen for the 504 Rural Loan Diamond Award. This national award was presented by the National Association of Development Companies (NADCO) recognizing a small business that has made an impact.


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FDDC’s 35th Celebration

Please mark your calendar for Tuesday, December 11, 2018. From 4pm-6pm this day, First District Development Company welcomes you to join us in celebrating our 35th year anniversary of originating loans for small businesses throughout South Dakota.


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Feature 504: Madison Lawn Care of Sioux Falls

Nick and Angie Bahr are thrilled to be operating their business, Madison Lawn Care of Sioux Falls, out of their newly constructed building located in Sioux Falls, South Dakota. Prior to owning this location, the business rented space in Sioux Falls. Great Western Bank in Madison assisted the Bahr’s with a conventional loan and First District Development Company partnered with an SBA 504 loan.


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Something to be thankful for: as of October 1st, fees have been reduced!

There have been a couple of changes to the SBA 504 loan fees and the overall effect is a reduction to the fees.

–> First, SBA is reinstating the upfront guaranty fee charged on 504 loans, which is financed into the 504 loan
This fee had been eliminated years ago. It is going from zero back to its previous 50 basis points.


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Spice Up Your Portfolio!

When mulling over your clients’ small business fixed asset project, remember the SBA 504 program can be used to finance fixed asset projects such as the following:


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Structuring an SBA 504 Project

Don’t worry, it’s not rocket science – structuring an SBA 504 project is as easy as 1-2-3! 1. Financial Institution enjoys first lien position on 50% of value.


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Approvals Needed for an SBA 504 Project

SBA reviews four areas before a 504 loan is fully approved. It is highly recommended the participating lender wait before disbursing their loan proceeds until FDDC and SBA have reviewed and approved all four of the items listed below.


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Hungry for Knowledge? Attend FDDC’s Lunch & Learn!

Everything you need is on the menu at First District Development Company’s Lunch & Learn training: Refresh your SBA 504 loan knowledge and discover refinance options within the program. SBA Experts coming to your area! Check out the dates and locations…


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FDDC Awarded 2017 Rural Lender Award

At the Small Business Week Celebration held in May, 2018, First District Development Company (FDDC) was awarded the 2017 Rural Lender Award by the South Dakota Small Business Administration due to the percent of SBA loans made in rural areas in South Dakota. FDDC was also recognized with the 2017 Leadership Circle Award for the amount of SBA financing secured on behalf of small businesses in 2017. At the same time, Paula Hulscher, Executive Vice President of FDDC, accepted the award as the 2018 Financial Services Advocate of the Year.