SBA Decreases Upfront 504 Borrower Fees

Effective October 1, 2022 through September 30, 2023 – SBA has set the SBA Guarantee Fee to 0%. Previously, this fee was .5%. The Guarantee Fee is part of the upfront 504 loan origination fees charged to the small business client and financed by the SBA 504 loan. This is great news for small business… Read more »

FDDC’s Fast Track to 504 Loan Approval

Work with FDDC on 504 projects and receive SBA’s approval in 1/2 the time! SBA has granted FDDC authority to underwrite and approve 504 loan applications in the amount of $500,000 or less (total project could be $1.2 million) >> Includes both regular SBA 504 loan applications and SBA 504 refinance applications Approved credits are… Read more »

How many SBA projects can be done?

Did you know one or multiple SBA 504 projects can account for the $5 million maximum* SBA allows to be loaned out to each small business (including its affiliates). That’s Right! If a small business has outstanding SBA debt, but the total outstanding balance is less than $5 million – one or more SBA 504… Read more »

Balloon Payment? Variable Rate? Let’s FIX that!

Have a loan with a balloon payment coming due and/or with a variable interest rate? The SBA 504 loan program permits refinancing an existing loan in place when, at minimum, 85% of the original loan proceeds were used to finance fixed assets. The SBA 504 Refinance loan is afforded the same great perks as the… Read more »

New Leadership at FDDC – Hulscher Resigns

From the Board of Directors –Paula Hulscher has spent 27 years at First District Development Company (FDDC ), and she will be greatly missed by everyone from staff to board members and all of the many businesses she has served and supported over these last many years. Over the course of the last 10 years… Read more »

FDDC Awards Scholarships

As a partner to South Dakota’s small businesses, First District Development Company invests in economic development activities other than lending. Student applicants were evaluated based on their academic achievements, character references, a written essay, and involvement in community, school, extra-curricular, volunteer, work, and special interest activities. The five students, who each are pursuing a post-secondary… Read more »

Need Some Extra Muscle?

Spring marks the timing of new projects and new growth! In the small business world, those two developments require capital. If your lending institution is unable to fulfill your small business client’s request due to the dollar amount of their project, consider partnering with FDDC via the SBA 504 loan program –>> $5 million maximum… Read more »

SBA’s Pot is Full of Green!

Great news for small businesses – just days ago President Biden signed the long-term funding bill, which secures new authorization levels for the SBA 504 program! For FY22 the new SBA 504 authorization levels are:$11 billion for regular 504; and$4 billion for 504 debt refinance without expansion Thanks to the hard work put into this… Read more »

We Love Small Business!

At First District Development Company, small business financing is what we do. We finance dreams that turn into steel and concrete. With multiple financing options, South Dakota small businesses are more likely to find a solution that works for them and stimulate job growth. FDDC offers low, fixed rate loans critical for the needs of… Read more »

First District Development Company Awards Tyler Wenbourne

2021 Lender of the Year Each year First District Development Company selects an individual lender who has frequently partnered with FDDC as their “Lender of the Year”. For 2021, FDDC awarded Tyler Wenbourne, Business Banker at Dacotah Bank in Aberdeen, South Dakota, as the 2021 Lender of the Year. Wenbourne was chosen based on the… Read more »