About Dakota BUSINESS Finance
In April 2006, Dakota BUSINESS Finance was designated as a Certified Development Company (CDC) from the Small Business Administration and began offering the SBA 504 program to businesses throughout South Dakota. The 504 program provides a great financing option for businesses looking to purchase or build long-term fixed assets such as land, building and machinery/equipment.
The 504 Program complements the existing program offered through Dakota BUSINESS Finance's sister organization - the South Eastern Development Foundation (SEDF). SEDF was incorporated in 2002 to serve as a regional revolving loan fund for southeastern South Dakota, including Clay, Lincoln, McCook, Minnehaha, Turner, and Union counties. SEDF provides loans, in conjunction with bank financing, to businesses throughout the region. To date, SEDF has lent out nearly $3 million and leveraged another $13 million in other financing for new and expanding small businesses, resulting in the creation/retention of 372 jobs. For more information about the SEDF revolving loan fund, click here.
Dakota BUSINESS Finance and SEDF were both created by the South Eastern Council of Governments, which serves municipalities in the six southeastern counties of South Dakota. SECOG provides staffing for both Dakota BUSINESS Finance and SEDF. Dakota BUSINESS Finance has a seven-member Board of Directors, which meets monthly and serves as the organization's loan committee. Dakota BUSINESS Finance also has a Membership that meets annually to review policy changes for the organization and to appoint the Board of Directors.
For more information on the 504 Program,