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 09/2022, Dakota Business Finance generated $1.5m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 16.7% each year . All expenses for the organization totaled $1.7m during the year ending 09/2022. While expenses have increased by 21.6% per year over the past 7 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
2022
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.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Mike Gray Secretary/treas | Officer | 0.5 | $0 |
Brian Gilbert President | Officer | 0.5 | $0 |
Will Haugen Vice President | Officer | 0.5 | $0 |
Nick Gustafson Secretary/treas | Trustee | 0.5 | $0 |
Steve Ruda Director | Trustee | 0.5 | $0 |
James Grotenhuis Director | Trustee | 0.5 | $0 |
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 | $1,321,230 |
Investment income | $7,820 |
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 | $1,543,251 |
Statement of Expenses | |
---|---|
Grants and other assistance to domestic organizations and domestic governments. | $0 |
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 | $0 |
Fees for services: Legal | $179,281 |
Fees for services: Accounting | $3,861 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $11,742 |
Advertising and promotion | $28,165 |
Office expenses | $7,134 |
Information technology | $0 |
Royalties | $0 |
Occupancy | $0 |
Travel | $19,664 |
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 | $2,402 |
All other expenses | $57,219 |
Total functional expenses | $1,684,833 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $0 |
Savings and temporary cash investments | $1,006,320 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $0 |
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 | $484 |
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 | $1,006,804 |
Accounts payable and accrued expenses | $96,871 |
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 | $96,871 |
Net assets without donor restrictions | $909,933 |
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 | $1,006,804 |
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