Friday, December 15, 2006
Current Rates – December 2006
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20 Year Debenture: 6.09% 10 Year Debenture: 6.73%
IN THIS ISSUE: 20-Year Debenture Rate Reaches Lowest Rate for 2006 in December Dakota BUSINESS Finance Celebrates Successful First Year Lender Training Completed in Yankton and Mitchell
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504 Program 20-Year Debenture Rate Reaches Lowest Interest Rate in December
The December Effective Debenture Rate of 6.09% was the lowest rate achieved through the SBA 504 program in 2006. The highest effective rate for the program during 2006 was 7.25% in July. The average rate of the 20-year debenture during the year was approximately 6.71%. The SBA 504 program continues to successfully assist borrowers with securing cost-effective long-term financing for their fixed asset projects. For more information on the SBA 504 program, please contact Brenda Wyland or Shawn Pritchett at 605-367-5353.
1000 N West Ave. Ste. 210 Sioux Falls, SD 57104 605-367-5353 605-367-5394 (Fax) www.dakotabusinessfinance.com Brenda Wyland
brenda@dakotabusinessfinance.com
Shawn Pritchett
shawn@dakotabusinessfinance.com NEWS Record year for SBA 504 Program as Program Celebrates 20-Year Milestone.
Dakota BUSINESS Finance Celebrates Successful First Year
On November 30th, Dakota BUSINESS Finance celebrated its first successful year as a Certified Development Corporation providing the SBA 504 Program. With more than 100 attendees, the event was an opportunity to thank lenders, economic development professionals, and others who contributed to the successful development and implementation of the organization. Special awards were presented to: • 2006 Lender of the Year: Dacotah Bank Each year, Dakota BUSINESS Finance presents this award to the lender that has the highest number of 504 loans approved by SBA through Dakota BUSINESS Finance. If multiple lenders have the same number of loans approved, the lender with the highest cumulative debenture amounts is presented the award. 2006 Friend of Dakota BUSINESS Finance: Jeff Eckhoff (MCEDA/LCEDA) The “Friend of Dakota BUSINESS Finance” award is presented to the individual who provides the most referrals of 504 loans approved by SBA through Dakota BUSINESS Finance. Lenders and board members are not eligible for this award. 2006 Stalker of the Year: Steve Metli (First Bank & Trust-Sioux Falls)
The first debenture through the SBA 504 Program was issued 20 years ago in November 1986. Since that time, the program has gone on to fund over $25 billion in small business loans and created and retained over 2 million jobs. In 2006, SBA announced another record by providing more than 9,700 loans through the 504 program worth $5.61 billion during this fiscal year. Subscribe / Unsubscribe To Subscribe to this e-newsletter, send your contact information with the word “subscribe” in the subject header to: shawn@dakotabusinessfinance.com To Unsubscribe to this e-newsletter, send an email to the following address with the word “unsubscribe” in the subject header.
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It can be challenging to operate a non-profit corporation like Dakota BUSINESS Finance whether that is from lack of funding, continually being forced to ask for favors, and never having enough time in the day to get everything done. There are days when sometimes you feel like a “professional stalker”. This “tongue in cheek” award is presented to a Dakota BUSINESS Finance board member in recognition of their willingness to shamelessly “stalk” leads in the hopes of securing additional 504 loans. Lender of the Year – Dacotah Bank
Left to Right: Joe Senger, Dacotah Bank Vice President and Senior Credit Officer; Dave Bangasser, Dacotah Bank Regional President; Lynne Keller, Dakota BUSINESS Finance Executive Director; Matt Smith, Dacotah Bank Business Banking Officer; Vernon Brown, Dakota BUSINESS Finance President; Richard Holland, Dacotah Bank Vice President for Credit Administration
shawn@dakotabusinessfinance.com
Friend of Dakota BUSINESS Finance – Jeff Eckhoff
Left to Right: Vernon Brown, Dakota BUSINESS Finance President; Jeff Eckhoff, Minnehaha and Lincoln Counties Economic Development Associations’ Director of Rural Development; Lynne Keller, Dakota BUSINESS Finance Executive Director
“Stalker of the Year” – Steve Metli
Left to Right: Lynne Keller, Dakota BUSINESS Finance Executive Director; Steve Metli, First Bank and Trust Sioux Falls & Dakota BUSINESS Finance Board Member.
Lender Training Completed in Yankton and Mitchell
In November, Dakota BUSINESS Finance, in conjunction with the ABC Corporation/Planning and Development District III, and the Small Business Development Center (Yankton & Mitchell), co-hosted lender training for bankers and economic development professionals in the surrounding area. Attendees were provided information on the requirements of the SBA 504 and 7(a) programs, ABC Corporation’s revolving loan fund program, and the resources available through the Small Business Development Centers.
Dakota BUSINESS Finance is a SBA designated Certified Development Company (CDC) offering the SBA 504 Program in conjunction with private sector lenders. The SBA 504 Program offers long-term, low interest financing for fixed assets related to small business creation and expansion. This newsletter is utilized to support Dakota BUSINESS Finance’s sponsored programs and to update local lenders on current rates and news related to the 504 Program. To subscribe or unsubscribe, see information below.
Dakota BUSINESS Finance | 1000 N. West Avenue, Ste 210 | Sioux Falls, South Dakota| 57104 Tel: (605) 367-5353 | Fax: (605) 367-5394 | http://www.dakotabusinessfinance.com
LEGAL DISCLOSURE: While we have used our best efforts to deliver accurate and complete information, we do not warrant accuracy or completeness, are not responsible for errors and omissions and are not liable for any direct, indirect or consequential damages arising out of or in connection with the information presented.