FDDC has been a partner of small businesses for more than 35 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.
FDDC’s earliest Revolving Loan Funds (RLFs) were established in 1986 with funds from the Economic Development Administration, USDA Rural Development, and state and local matching funds. FDDC currently retains or manages nine RLFs that can be used in certain geographic areas in Eastern South Dakota. This includes separate funds FDDC manages for Deuel, Hamlin, and Kingsbury Counties and the Lake Preston Development Corporation.
All of our Revolving Loan Funds are used in conjunction with local lender financing to assist businesses that create or retain employment opportunities as a result of their projects. These funds are utilized for new business construction projects, existing business purchases, or expansion projects. In total, we currently have approximately $2.5 million available to lend out. Generally used for smaller projects, the maximum available to lend to one borrower is $250,000. For more information on these programs contact FDDC.