SBA reviews four areas before a 504 loan is fully approved. It is highly recommended the participating lender wait before disbursing their loan proceeds until FDDC and SBA have reviewed and approved all four of the items listed below.
Everything you need is on the menu at First District Development Company’s Lunch & Learn training: Refresh your SBA 504 loan knowledge and discover refinance options within the program. SBA Experts coming to your area! Check out the dates and locations…
At the Small Business Week Celebration held in May, 2018, First District Development Company (FDDC) was awarded the 2017 Rural Lender Award by the South Dakota Small Business Administration due to the percent of SBA loans made in rural areas in South Dakota. FDDC was also recognized with the 2017 Leadership Circle Award for the amount of SBA financing secured on behalf of small businesses in 2017. At the same time, Paula Hulscher, Executive Vice President of FDDC, accepted the award as the 2018 Financial Services Advocate of the Year.
Mad Mary’s Steakhouse is located in Flandreau, South Dakota, and overlooks the Big Sioux River. Christina and Daniel Schmidt purchased Mad Mary’s in February, 2018, with the assistance of the SBA 504 program through First District Development Company (FDDC) and a commercial loan financed through Dacotah Bank in Brookings.
Announced in April, today was the first sale of 25 year debentures (bonds) to fund SBA 504 projects. With the addition of the twenty-five year offering, the SBA 504 program has expanded…with terms from ten to twenty-five, options for refinance, all at or below market with fixed rates.
Could FDDC be your lending partner?
FDDC partners with lenders by utilizing the SBA 504 loan program for fixed asset projects. We can work with you to benefit your small business client on their new or expansion project.
There are a lot of reasons for small business owners to choose the SBA 504 Loan Program. Below you will find FDDC’s top five benefits of this type of commercial real estate financing…
First District Development Company’s Board of Directors is made up of eleven individuals from various walks of life. In addition to making decisions on small business loan applications, the FDDC Board is responsible for the day-to-day operations of the Certified Development Company. We’d like to introduce you to another Board member—Michelle Kakacek.
SBA just announced a 25 year term is now available under the SBA 504 loan program! This is in addition to the 10 and 20 year terms that are currently available. The new 25 year 504 loan is offered for SBA 504 projects approved on or after April 2, 2018.
Here are a few more details…
As a partner to South Dakota’s small businesses, First District Development Company invests in economic development activities other than direct lending. This year FDDC offered five – $1,000 scholarships to students pursuing a post-secondary degree in a business/finance related field. Student applicants were evaluated based on their academic achievements, character references, a written essay, and involvement in community, school, extra-curricular, religious, volunteer, and special interest activities.