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Economic Development

CDF

Community Development Foundation

The purpose of the Community Development Foundation (CDF) is to promote economic development by creating new jobs and increasing the tax base. This is done through providing low-interest loans to assist businesses in relocating or expanding to Beadle County. The CDF is administered by the Greater Huron Development Corporation, but is overseen by a separate Board of Directors.

Program Guidelines

  • Only projects that take place in Beadle County will be considered for this program
  • The Foundation Board may place the review, collection and processing of a loan under the management of an individual, agency, or corporation of their choice
  • The Foundation Board shall set repayment and interest rates as appropriate for the project under consideration
  • Participation of a lead lender is required
  • Level of loan participation shall not exceed loan dollars available from lender

Recommended Lending Terms

  • Machinery and equipment not to exceed its life expectancy with a maximum of seven years amortization with a five year balloon
  • Land and building(s) not to exceed 20 years amortization with a seven year balloon
  • At least one job is to be created for every $25,000 lent
  • CDF loan dollar participation will not exceed 50% of the total eligible project cost
  • Fixed assets, equipment, leasehold improvements, and building construction and/or renovation are eligible activities
  • Security may be in the form of subordinated liens
  • Special loan conditions may be required as the Foundation Board sees appropriate
  • Inventory, rolling stock, working capital, agricultural production, farming, and past completed projects are not eligible unless they receive full support of the voting members of the Foundation Board

Application Process

All applications must be in forms acceptable to the Foundation Board and include (but is not limited to) the following

  • Project cost summary and source of use statement
  • Business plan
  • Three years personal or business financials and three-year projections
  • Appropriate personal and business credit information
  • Other information deemed necessary by the Foundation Board

Board of Directors

Steve Gohn, Chair
Avail Wealth
Tom Gietzen, Vice Chair
Dakotaland Federal Credit Union
Connie Hofer, Treasurer
Dakotaland Federal Credit Union
Roger Chase
Coldwell Banker Action Realty
Dan Cumbee
Dakotaland Federal Credit Union
Marcia Zwanziger
Huron Regional Medical Center
Dr. Bill Miner
Tschetter-Hohm Clinic
David McGirr
City of Huron
Lynn Schneider
American Bank and Trust
Spencer White
Farmers and Merchants Bank
grass element