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: April 5, 2024 For more details and to apply:Click Here for Application Form If you have… 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 »

THANKFUL for 40 Years

2023 marks 40 years of First District Development Company being in business, which is a feat the past and present FDDC team is incredibly proud of. The only reason FDDC exists is because of the ambitions and bravery of South Dakota entrepreneurs. It is from their drive and well-thought-out plans, FDDC and partner lenders put… Read more »

SBA Guarantee Fee Remains at 0%

Effective October 1, 2023 through September 30, 2024 – SBA is keeping the SBA Guarantee Fee at 0%. In prior fiscal years this fee has been .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… Read more »

Spotlight on FDDC’s Revolving Loan Funds

FDDC has various Revolving Loan Funds available to lend to small businesses located in First District’s 11-county service area: Brookings, Clark, Codington, Deuel, Grant, Hamlin, Kingsbury, Lake, Miner, Moody, and Roberts. These loans offer low, long-term fixed interest rate financing with minimal borrower injection. Currently, FDDC is offering fixed interest rates as low as 6.20%!… Read more »

Partner with FDDC to Cut Through Tightening Credit Standards

Partner with FDDC via the SBA 504 loan program to – Reduce Risk! You’ll be at 50% LTV with a 1st lien position. Beat the Competition! Offer your customer an attractive financing package. Require less cash injection from the borrower. Diversify Portfolio! Finance a start-up business or a business in an industry you would not… Read more »

How does SBA calculate a “Small” Business?

SBA’s rule states the applicant business (including Affiliates) must meet the following “Small” Business Size Standard: Maximum tangible net worth may not exceed $15 million; and The average net income after Federal income taxes (excluding any carry-over losses) for the 2 full fiscal years before the application date may not exceed $5 million. Effective May… Read more »

Flourishing Together

YES, we’re looking at you. Our valued lending partner + FDDC via an SBA 504 loan + an amazing South Dakota entrepreneur! Now is the time many small business entrepreneurs are looking to launch into their commercial construction project. For other small business owners, now is the time to freshen up their balance sheet via… Read more »

Think Green – Think 504!

When thinking GREEN – think FDDC and SBA 504 loan program, as there are numerous ways 504 is gaga for GREEN… Agribusiness Projects – think green acres necessary to support agribusiness operations – YES, they’re an eligible 504 project cost! Green Borrower – clients new to their field and wanting to start up their business… Read more »

Partnering with FDDC… What’s not to LOVE?

With FDDC’s specialty being the SBA 504 loan program, it’s easy for the FDDC team to love what they do every day. As listed below, there are so many positives to the 504 program it’s got us questioning… WHAT’S NOT TO LOVE? Fast approval – FDDC Board meets as needed – After Board approval, via… Read more »