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.
After returning from a family reunion in the Black Hills of South Dakota, John Kalan knew he wanted a little piece of the prairie for his family. John has always had a love for the outdoors and hunting. He just happened to stumble upon the opportunity to purchase Thunderstik Lodge and Gage Outdoor Expeditions near Chamberlain, South Dakota.
Thunderstik is a hunting preserve/guide service which primarily sells all-inclusive high-end hunting packages. It also has more affordable packages and is used as a special events venue. Gage Outdoor Expeditions is the marketing/booking arm of the business. They provide the booking services for Thunderstik and other expedition providers throughout North America.
John Kalan, from Ham Lake, Minnesota, fulfilled his dream of owning an outdoors based business by purchasing Thunderstik with the help of the SBA 504 program through First District Development Company and financing through First National Bank in Pierre.
SBA just announced the 25 year option is now available under the SBA 504 program! This is in addition to the 10 and 20 year loans that are currently available.
When you partner with FDDC on an SBA 504 loan, you jump into a larger pool, not only for your business client, but also your lending institution.
One way to reduce expenses and gain equity is for a small business owner to consider purchasing a building instead of leasing space for their business.
Needleworks Sewing Center has found a new home at 216 East Kemp in Watertown, South Dakota, with the assistance of First District’s Intermediary Relending Program Loan Funds (IRP).
At First District Development Company’s Annual Celebration held on November 30, 2017, Mike Kluck of Dacotah Bank in Watertown, was the recipient of the 2017 Lender of the Year award.
While exploring the need to expand his business, owner of Fiberglass Specialties in Watertown, South Dakota, Bob Snell, avoided a new construction project and solved his problem when the building next door came up for sale.
Lenders and CDCs will no longer have to review franchise documentation or undergo a pre-application franchise review by SBA. Effective January 1, 2018, SBA has a new SBA Franchise Directory of all franchise and other brands reviewed by SBA that are eligible for SBA financial assistance.