News

Hopfauf Elected to Board

By kfuglseth@dakotabusinesslending.com / June 9, 2020 /

Dakota Business Lending is pleased to welcome Jason Hopfauf to their Board of Directors. Hopfauf elected at the board meeting on March 4, 2020 and attended his first meeting as an official director on April 1, 2020. Hopfauf serves as President of two Dakota Community Bank & Trust branches in the Dickinson market, where he…

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RECENT UPDATES Regarding the 2020 CARES Act

By kfuglseth@dakotabusinesslending.com / April 1, 2020 /

Below are a few updates regarding the “Coronavirus Aid, Relief, & Economic Security”(CARES) Act Key Components of the Act pertaining to funding & financing of businesses include: UPDATED: Debt Relief for SBA borrowers. On Friday, Congress passed & Trump signed the CARES Act which has numerous provisions for helping businesses through this challenging time. One of…

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Important Information Regarding the 2020 CARES Act

By kfuglseth@dakotabusinesslending.com / March 30, 2020 /

On Friday, March 27, Congress passed & Trump signed the historic $2 Trillion economic stimulus package called the “Coronavirus Aid, Relief, and Economic Security (CARES)” Act, which has numerous provisions for helping businesses impacted by the COVID-19 pandemic. We would like to share some preliminary information and a summary of the Act to help keep your…

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SBA Disaster Loans Available to Businesses Impacted by COVID-19 by Friday

By kfuglseth@dakotabusinesslending.com / March 18, 2020 /

As many of you are aware, Dakota Business Lending is a non-profit Certified Development Company authorized by SBA, serving businesses and banks throughout North Dakota, Montana, and western Minnesota by offering SBA 504 loans. The SBA Economic Injury Disaster Loan provides up to $2 million in assistance to help overcome the temporary loss of revenues…

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Financial Solutions Available to Small Businesses Impacted by Weather-Related Disasters

By kfuglseth@dakotabusinesslending.com / December 23, 2019 /

The U.S. Small Business Administration (SBA) has recently announced that they will be offering Economic Injury Disaster Loans for small businesses. This program will be available to small non-farm businesses in North Dakota, South Dakota, and Montana who have been negatively affected by weather related incidences such as excessive rain, snow, or flooding. Established as…

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Dakota Business Lending Now Serving Entire State of Montana

By kfuglseth@dakotabusinesslending.com / September 4, 2019 /

In 2019, Dakota Business Lending began offering their services to small businesses in rural Montana under the SBA 504 Loan Program Rural Initiative Pilot Program (504 Rural Pilot). Since then, the feedback they have received from this program indicated a significant need and opportunity to open up their services to all small business throughout the…

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Dakota Business Lending Welcomes McQuade

By kfuglseth@dakotabusinesslending.com / August 28, 2019 /

Dakota Business Lending is pleased to welcome Paige McQuade to the team as a Credit and Underwriting Specialist, working to ensure compliance with Agency rules and regulations, develop and complete new credit requests, and monitor and review all loans within our Corporate risk rate model. Overall, she will assist our team in maintaining their reputation…

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Kautzman and Holmstrom Elected to Board

By kfuglseth@dakotabusinesslending.com / August 22, 2019 /

Dakota Business Lending is pleased to welcome two new members to their Board of Directors, Kim Kautzman and Tonya Holmstron. Kautzman and Holmstrom were elected at the board meeting on June 5, 2019 and attended their first meeting as official directors on July 10, 2019. Kautzman is a business banker at Bank of North Dakota,…

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Increased Appraisal Threshold for SBA 504 Loans

By kfuglseth@dakotabusinesslending.com / April 10, 2019 /

Nearly one year after the FDIC, the OCC, and the Fed published a joint Final Rule increasing the Threshold from $250,000 to $500,000 for appraisals on financed commercial real estate transactions, the SBA provided notice changing this requirement in the SBA 504 and 7a loan programs as well. What that means for our borrowers and…

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New and Enhanced 504 Calculator Now Available

By kfuglseth@dakotabusinesslending.com / April 4, 2019 /

Dakota Business Lending is excited to launch a new and enhanced 504 loan calculator on our website. This online calculator allows users to get financing structure options for 10, 20, and 25-year SBA 504 loans, explore various loans options, and make comparisons. The enhanced widget can be customized to any project by inputting the project…

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