Small business financing is what we do. First District Development Company is dedicated to helping South Dakota small businesses succeed. Committed to job growth in our state, we offer financing available at terms that benefit borrowers and lenders.
First District Development Company and the SBA 504 Loan program assisted Terry and Amy Reilly with an attractive financing package to complete their purchase of this existing building.
First District Development Company has awarded Jeremy Keizer of Reliabank, Tea, SD, as its 2016 Lender of the Year.
What type of businesses does FDDC finance? We get this question quite often. A breakdown by type of industry for loans completed over the last 11 years is shown in the chart below.
FDDC has been a partner of small businesses for more than 30 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.
SBA 504 financing is designed for owner-occupied commercial real estate (and equipment). However, leasing a portion of the commercial space is allowed.
A few changes have been made recently to make refinance easier for small business owners.
Guidelines vary on 504 refinance depending on whether you’re expanding or not. Find out what those guidelines include.
For all SBA 504 loans approved after October 1, 2016, the Ongoing Borrower Guarantee Fee has decreased. This fee is added to the debenture rate each month and is included in the full term effective rate that is quoted for 504 loan rates.
Proven management and ownership abilities were a key selling point for First District Development Company and Plains Commerce Bank in Aberdeen, South Dakota, when considering Carisa Giblin’s loan application.