Dakota Business Finance
- Assets
- $1.0m
- Revenue
- $1.4m
- Investments
- $0.0
- Employees
- 0
- Location
- Sioux Falls, SD
- Founding
- 10/2006
- Data as of
- 09/2023
- EIN
- 20-4158141
Organization Overview
Dakota Business Finance is located in Sioux Falls, SD. The organization was established in 2006. According to its NTEE Classification (S99) the organization is classified as: Community Improvement & Capacity Building N.E.C., under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Dakota Business Finance is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 09/2023, Dakota Business Finance generated $1.4m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 12.9% each year . All expenses for the organization totaled $1.3m during the year ending 09/2023. While expenses have increased by 14.7% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
DAKOTA BUSINESS FINANCE PROVIDES FINANCING FOR A WIDE RANGE OF BUSINESSES THROUGH THE SBA 504 LOAN PROGRAM. THIS PROGRAM PROVIDES FIXED RATE FINANCING FOR THE PURCHASE OF LONG-TERM ASSETS SUCH AS THE PURCHASE OF LAND, PURCHASE AND CONSTRUCTION OF BUILDINGS, RENOVATE OR REMODEL EXISTING FACILITIES, AND/OR PURCHASE OF LONG-TERM MACHINERY AND EQUIPMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DAKOTA BUSINESS FINANCE PROVIDES FINANCING FOR A WIDE RANGE OF BUSINESSES THROUGH THE SBA 504 LOAN PROGRAM. THIS PROGRAM PROVIDES FIXED RATE FINANCING FOR THE PURCHASE OF LONG-TERM ASSETS SUCH AS THE PURCHASE OF LAND, PURCHASE AND CONSTRUCTION OF BUILDINGS, RENOVATE OR REMODEL EXISTING FACILITIES, AND/OR PURCHASE OF LONG-TERM MACHINERY AND EQUIPMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jessica Harry Director | Trustee | 0.5 | $0 |
Nick Gustafson Director | Trustee | 0.5 | $0 |
Steve Ruda Director | Trustee | 0.5 | $0 |
James Grotenhuis Director | Trustee | 0.5 | $0 |
Gregg Brown Director | Trustee | 0.5 | $0 |
Tom Frieberg Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $1,261,444 |
| Investment income | $14,715 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,384,630 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $176,770 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $789,677 |
| Fees for services: Legal | $77,159 |
| Fees for services: Accounting | $4,180 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $99,160 |
| Advertising and promotion | $34,627 |
| Office expenses | $3,817 |
| Information technology | $22,617 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $17,187 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $4,392 |
| All other expenses | $5,452 |
| Total functional expenses | $1,290,167 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,021,982 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $861 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $6,058 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,028,901 |
| Accounts payable and accrued expenses | $24,506 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $24,506 |
| Net assets without donor restrictions | $1,004,395 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $1,028,901 |
Grants Awarded
Over the last fiscal year, Dakota Business Finance has awarded $162,520 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
BRANDON DEVELOPMENT FOUNDATIO PURPOSE: Economic Development | $10,000 |
SOUTH EASTERN DEVELOPMENT FOU PURPOSE: Economic Development | $40,000 |
SIOUX FALLS DEVELOPMENT FOUND PURPOSE: Economic Development | $112,520 |