Changes to… SBA 504 Debt REFINANCE Without Expansion

As of July 30, 2021,SBA implemented program changes that significantly affect the eligibility and requirements for the SBA 504 Debt Refinance program. These are permanent changes to the 504 program that make it less restrictive. Eligibility Requirements Recapped Original debt incurred not less than 6 months prior to SBA application 85% or more of the… Read more »

FDDC Celebrates with Open House

First District Development Company held a ribbon cutting and open house to celebrate their new building. Even though the move to the new location was almost two years ago, it was a great day to invite in our lending partners, customers, and the public to take a tour and enjoy refreshments. Thank you to all… Read more »

Feature 504: Nimble Wash, De Smet, SD

Nimble Wash in De Smet, SD, recently opened its doors with the help of an attractive financing package offered by the partnership of Bryant State Bank and FDDC via the SBA 504 loan program. Clinton and Brenda Efraimson, owners of Nimble Wash, were thrilled to utilize the SBA 504 loan program—locking in on a low,… Read more »

SBA 504 Project Approvals

SBA reviews four areas before a 504 loan is considered completely approved. It is highly recommended the participating lender wait before disbursing their loan proceeds until FDDC and SBA have reviewed and approved all four items listed below. Membership / Franchise Agreement ApprovalIf the SBA 504 loan applicant has signed a franchise, license, cooperative membership… Read more »

Howdy Partner!

Whether new construction, purchase, or refinance, First District Development Company is here to assist you with your commercial projects. FDDC experts will take the reins from beginning to end on the SBA 504 loan – making it a cinch. As our lending partner you can enjoy: Sharing the risk – with a first lien position… Read more »

504 Project Examples with 504 Refinance Changes

Examples of 504 Refinance projects below incorporate the new rules recently published and effective immediately. A reminder of the changes that were released follow the examples. Contact FDDC for assistance with structuring your specific 504 Refinance project.
504 Debt Refinance with Expansion

Senior Lien Refinancing

(One-Time Refinance of Lender Loan in a 504 Project) First District Development Company (FDDC) has been authorized by the U.S. Small Business Administration (SBA) to approve refinancing of the Third Party Lender (TPL) Loan on an existing SBA 504 project in an amount that, when combined with the outstanding balance on the subordinate 504 loan,… Read more »

Grace Tschakert Joins First District Development Company

Grace Tschakert joined the FDDC team in June, 2021, as an Assistant Loan Officer. Grace received her Bachelor of Science degree in Business Administration with a finance emphasis from Dakota Wesleyan University in Mitchell, South Dakota. While attending Dakota Wesleyan University, Grace was involved in multiple nonprofit organizations such as Big Friend, Little Friend; First… Read more »

Feature 504: Totally Tubular Mfg., Inc., Aberdeen, SD

Totally Tubular Mfg., Inc., located in Aberdeen, SD, started out as a partnership in 2001. The business manufactured and sold starter fertilizer placement tubes for corn planters to local farmers.  Fortunately, the popularity of the tubes quickly grew. Brent Wiesenburger, one of the original partners, became the sole owner of the business in 2017. Brent… Read more »

Timing and Teamwork

SBA’s current wait time for approval on 504 applications is approximately 20 business days so it is crucial to work together as a team with First District Development Company (FDDC), the small business owner, and the lender to ensure a smooth application. It’s always a great idea to have an initial meeting with your FDDC… Read more »