Mad Mary’s Steakhouse is located in Flandreau, South Dakota, and overlooks the Big Sioux River. Christina and Daniel Schmidt purchased Mad Mary’s in February, 2018, with the assistance of the SBA 504 program through First District Development Company (FDDC) and a commercial loan financed through Dacotah Bank in Brookings.
Announced in April, today was the first sale of 25 year debentures (bonds) to fund SBA 504 projects. With the addition of the twenty-five year offering, the SBA 504 program has expanded…with terms from ten to twenty-five, options for refinance, all at or below market with fixed rates.
Could FDDC be your lending partner?
FDDC partners with lenders by utilizing the SBA 504 loan program for fixed asset projects. We can work with you to benefit your small business client on their new or expansion project.
There are a lot of reasons for small business owners to choose the SBA 504 Loan Program. Below you will find FDDC’s top five benefits of this type of commercial real estate financing…
First District Development Company’s Board of Directors is made up of eleven individuals from various walks of life. In addition to making decisions on small business loan applications, the FDDC Board is responsible for the day-to-day operations of the Certified Development Company. We’d like to introduce you to another Board member—Michelle Kakacek.
SBA just announced a 25 year term is now available under the SBA 504 loan program! This is in addition to the 10 and 20 year terms that are currently available. The new 25 year 504 loan is offered for SBA 504 projects approved on or after April 2, 2018.
Here are a few more details…
As a partner to South Dakota’s small businesses, First District Development Company invests in economic development activities other than direct lending. This year FDDC offered five – $1,000 scholarships to students pursuing a post-secondary degree in a business/finance related field. Student applicants were evaluated based on their academic achievements, character references, a written essay, and involvement in community, school, extra-curricular, religious, volunteer, and special interest activities.
After returning from a family reunion in the Black Hills of South Dakota, John Kalan knew he wanted a little piece of the prairie for his family. John has always had a love for the outdoors and hunting. He just happened to stumble upon the opportunity to purchase Thunderstik Lodge and Gage Outdoor Expeditions near Chamberlain, South Dakota.
Thunderstik is a hunting preserve/guide service which primarily sells all-inclusive high-end hunting packages. It also has more affordable packages and is used as a special events venue. Gage Outdoor Expeditions is the marketing/booking arm of the business. They provide the booking services for Thunderstik and other expedition providers throughout North America.
John Kalan, from Ham Lake, Minnesota, fulfilled his dream of owning an outdoors based business by purchasing Thunderstik with the help of the SBA 504 program through First District Development Company and financing through First National Bank in Pierre.
SBA just announced the 25 year option is now available under the SBA 504 program! This is in addition to the 10 and 20 year loans that are currently available.
When you partner with FDDC on an SBA 504 loan, you jump into a larger pool, not only for your business client, but also your lending institution.