Are You Looking to Start, Expand, or Grow Your Business? We Can Help!

Did you know that the Faulkton Area Economic Development Corporation (FAEDC) has a Revolving Loan Fund that’s designed to help start, grow, or expand your business?

Used to bridge the gap between what our business owners can obtain from traditional lenders such as banks or credit unions and the total amount of money you need, our RLF can be used towards the purchase of:

• Equipment
• Commercial real estate
• Working capital… and more!

This low-interest loan fund is available to start-ups as well as businesses that are expanding or relocating to Faulkton.

Interest rates have remained low since the program's inception, and loans can be amortized up to 20 years on land and buildings, and 10 years on equipment, with a balloon payment due after five years.

It also self-replenishes. As borrowers repay the principal and interest on the loan, the funds return to the RLF to be loaned out to another business, which creates a continuous, sustainable lending cycle in Faulkton.

“To date, we’ve assisted nine businesses with our RLF, which began in 2017,” said FAEDC Board President JoDee Bryant. 

Faulkton’s Revolving Loan Fund is Hugely Important to Businesses in Faulkton

When Dave Hedt began thinking about opening a business in Faulkton, he quickly realized he could do something on a much larger scale than he anticipated. 

“I initially wanted to start a hardware store as I saw a really big need. The further I looked into it, the more I realised that the town needed some infrastructure as there were a lot of people that wanted to start businesses but no where to put them,” he said. 

Armed with a vision, the next step included financing. 

“I went to the Faulkton Area Economic Development Corp (FAEDC) and they told me about their revolving loan fund. It was a huge help and instrumental in getting the Faulkton Retail Center up and going,” he said. 

Even better? The application process was simple and straightforward. 

“It was very easy. The board of the FAEDC was super helpful letting me know what documents I needed, too,” he said. “There is no doubt it would be challenging to have done it without it. I would have needed to find additional funding somewhere else and it might not have happened.” 

The Faulkton Retail Center has always remained full and now proudly supports eight local businesses:

• JW Enterprise
• Dawn Melius - Farmers Union Insurance 
• Cameron Pudwill - American Family Insurance 
• Walkabout Developments 
• The Short Stop Bar 
• The Shops and By the Creek Boutique
• Walkabout Mother Bins
• Outback Wrap 

Hedt firmly believes that the FAEDC’s Revolving Loan Fund is a huge asset to Faulkton’s small business community. 
“It is massively important for growth. I hope people understand how much it can help if you want to start or grow a business,” he said. 

Helping You Build Your Business

In addition to our RLF, we can also connect you with a variety of incentive programs.

On our website, you’ll find an extensive Incentives & Loan Directory that features financing options including grants and loans that are specifically tailored for everything from small businesses to workforce development programs, including:

• Community Development Block Grants
• Future Fund
• MicroLOAN Express
• SBA40 Loans
• South Dakota WORKS

Please contact FAEDC today to learn more about the details of each program, eligibility requirements, and how to apply. 

Looking for Commercial Property in Faulkton?

And if you’re looking for land to build your next business venture, lots in the FAEDC’s 32-acre Industrial Park, located on Highway 212, are available for sale.

There are currently eight lots remaining. All feature city water and sewer plus access to electricity and high-speed internet.

For more details, please contact Tiffany Paul at tiffany.paul@exprealty.com or (605) 380-8512 or FAEDC Board President JoDee Bryant at bryant@venturecomm.net or (605) 380-5084.