FDDC Blog

FDDC Awarding Five $1,000 Scholarships

Who is eligible to apply: High school seniors attending a South Dakota High School who have been accepted into a business/finance program at an accredited, post-secondary institution in South Dakota and have a GPA of 3.5 or greater. Deadline: March 31, 2023 For more details and to apply: Click Here for Application Form If you… Read more »


Happy New Year!

FDDC will celebrate 40 years of delivering affordable financing to South Dakota businesses in 2023. While the faces of those doing the work of First District have changed over the years, First District’s focus has not – putting the borrower FIRST. We are looking forward to another year of partnering with South Dakota lenders and… Read more »


THANK YOU

As the saying goes, “Gratitude is like gravy – put it on everything!” So we pour out our thanks to you for choosing FDDC as your lending partner and resource for South Dakota’s new and expanding business financing. Your patronage and loyalty keeps FDDC thriving and makes our line of work a pleasure each day…. Read more »


We’re Hiring | Loan Officer

The Position: First District Association of Local Governments with an office in Watertown, SD, is seeking an energetic, results-oriented individual for the position of Loan Officer.  Reporting to the Executive Vice President, the Loan Officer will be responsible for identifying, originating and closing loans for First District Development Company’s SBA 504 Program and other loan… Read more »


Tried, True, & Thankful for You

In this time of many uncertainties, you can count on this – Relationships amongst South Dakota’s longstanding economic playmaker’s SBA 504 FIXED interest rates Tried >> Relationships – FDDC has been a Certified Development Company (CDC) since 1983. Currently, combined, our team has over 24 years of experience navigating SBA’s red tape and lending to… Read more »


Something strange with the request on your desk…

Who you gonna call? FIRST DISTRICT! Partnering with FDDC via the SBA 504 loan program will allow all of your credit boxes to be checked. The following are a few examples of issues the partner 504 loan will resolve: ˜˜Client is unable to meet your equity injection requirements With the SBA 504 loan involved, a… Read more »


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 »