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In May of 2022, Dakota Business Lending celebrated Dakota Business Lending 40 years of joining small businesses on their journey to success…
But these four decades have also been a journey of their own. The organization that began providing financing solutions in 1982 has quickly evolved into a large, multi-state organization with several financing programs, several strong partnerships with entities across the state, an additional brand of its own (ACTIVATE), and a record-breaking loan volume.
Here’s a brief look at the history of Dakota Business Lending and how the entity has grown to where it is today.
May 10, 1982
Fargo-Cass County Industrial Development Corporation was granted approval by the U.S. Small Business Administration to be a Certified Development Company (CDC) and provide the SBA 503 loan program (long-term, fixed-rate financing program that helps small businesses grow and generate jobs).
1986
The SBA 503 loan program was changed to the SBA 504 loan program (named after Section 504 in the Small Business Investment Act of 1958).
1996
Dakota Certified Development Corporation was formed as an independent, statewide not-for-profit organization to carry forward the SBA 504 program. A second office was opened in Bismarck, ND.
1997
DCDC began offering loans through the USDA Intermediary Relending Program (IRP) to borrowers in rural communities.
1998
The very first Dakota CDC website was launched. The entity also began hosting informational sessions in various cities throughout North Dakota.
2005
The Dakota CDC Charitable Fund was created to raise funds and further Dakota CDC’s mission or providing financing solutions through collaborative partnerships. They also partnered with the Impact Foundation and began offering financing for business in rural communities.
2009
Dakota CDC created the Main Street program. The program is completely funded by Dakota CDC and works to support start-ups and emerging small businesses in North Dakota.
2011
Dakota CDC launched a new website and Facebook page. They also partnered with Dakota Medical Foundation (DMF) and began offering financing for business health/safety-related businesses in rural communities.
2013
Dakota CDC started administering financing through the SBA Intermediary Lending Program (ILP) and SBA 7(a) Community Advantage program.
2014
The organization became a trustee of Kiva – a crowdfunding, microlending program that provides up to $25,000 at a 0% rate for entrepreneurs throughout the United States.
January 2018
Dakota CDC rebranded to Dakota Business Lending to better reflect services offered by company. A brand-new headquarters facility was opened in Fargo, ND.
April 2018
2019
Two new resources for business owners – ACTIVATE Women (a free learning workshop series for women business owners) and the ACTIVATE U Podcast – were launched.
September 2019
Dakota Business Lending became a multi-state CDC, opened an office in Lewistown, MT, and expanded their SBA 504 services into the entire state of Montana.
2021
Dakota Business Lending became the first North Dakota-based financing entity to receive a $30 million in New Markets Tax Credit (NMTC) allocation and began providing NMTC financing throughout the state.
2019
Two new resources for business owners – ACTIVATE Women (a free learning workshop series for women business owners) and the ACTIVATE U Podcast – were launched.
May 10, 2022
Dakota Business Lending turns 40!
June 2022
The Vault – an online comprehensive library of small business financing resources throughout North Dakota – was released.
September 2022
Dakota Business Lending expanded their $1,000 – $5.5M loan programs into their entire service area of North Dakota, Montana, and western Minnesota.
Future
Stay tuned for additional resources and services to be announced SOON!
Dakota Business Lending would not have been able to accomplish and grow in the way it has without the support of our many lenders, borrowers, and partners over the past four decades.
We are grateful for the continued support and look forward to growing and better serving small businesses for years to come!