Facing challenges and problem solving is what Bob Lundin practices on a daily basis working at his company, IMED Mobility in Tea, South Dakota. In February, 2015, the IMED building, where they’ve been for the past 12 years, suffered a serious fire and had severe smoke and water damage due to an electrical surge in an unused office. Bob immediately took the steps necessary to temporarily relocate his business to rented space across the street and started working with his lender, Jeremy Keizer at Reliabank in Tea. Through a partnership of SBA 504 loan funds made available through First District Development Company and a conventional loan from Reliabank, IMED Mobility was able to move into its new and impressive building in Tea during the fall of 2016. In fact, the new building sits on the same ground where IMED’s first building once stood.
Construction season is upon us! Now is the time to get your clients’ permanent financing in order.
FDDC’s small business financing will help you save some “green” and lock in a rate for your business clients.
Small business financing is what we do. First District Development Company is dedicated to helping South Dakota small businesses succeed. Committed to job growth in our state, we offer financing available at terms that benefit borrowers and lenders.
First District Development Company and the SBA 504 Loan program assisted Terry and Amy Reilly with an attractive financing package to complete their purchase of this existing building.
First District Development Company has awarded Jeremy Keizer of Reliabank, Tea, SD, as its 2016 Lender of the Year.
What type of businesses does FDDC finance? We get this question quite often. A breakdown by type of industry for loans completed over the last 11 years is shown in the chart below.
FDDC has been a partner of small businesses for more than 30 years and its experienced staff works to customize a loan product for each of its customers. In addition to the SBA 504 program, First District Development Company offers financial assistance through our Revolving Loan Funds.
SBA 504 financing is designed for owner-occupied commercial real estate (and equipment). However, leasing a portion of the commercial space is allowed.
A few changes have been made recently to make refinance easier for small business owners.