Dakota Business Lending
- Assets
- $6.8m
- Revenue
- $2.7m
- Investments
- $112.3k
- Employees
- 15
- Location
- Fargo, ND
- Founding
- 11/1998
- Data as of
- 12/2022
- EIN
- 45-0443523
Organization Overview
Dakota Business Lending is located in Fargo, ND. The organization was established in 1998. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Dakota Business Lending employed 15 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Dakota Business Lending 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 12/2022, Dakota Business Lending generated $2.7m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 11.3% each year . All expenses for the organization totaled $2.1m during the year ending 12/2022. While expenses have increased by 5.9% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
DAKOTA BUSINESS LENDING IS A SMALL BUSINESS RESOURCE THAT DRIVES ECONOMIC GROWTH BY:1. PROVIDING UNIQUE FINANCING OPPORTUNITIES2. POSITIVELY IMPACTING THE COMMUNITIES WE SERVE3. EDUCATING AND GUIDING SMALL BUSINESSES4. BUILDING PARTNERSHIPS THAT ADD VALUE AND CREATING AN ENVIRONMENT WHERE OUR TEAM MEMBERS THRIVE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SBA 504 PROGRAM, 61 LOANS FUNDED IN 2022, 1,158 FUNDED PROGRAM TO DATE. DAKOTA BUSINESS LENDING IS THE NUMBER 1 SBA 504 LENDER IN THE STATE OF NORTH DAKOTA. THE SBA 504 PROGRAM PROVIDES LONG-TERM, FIXED RATE FINANCING TO AMERICA'S SMALL BUSINESSES. THE PURPOSE OF THE 504 LOAN PROGRAM IS TO CREATE AND RETAIN JOBS BY PROVIDING A STABLE, QUALITY SOURCE OF CAPITAL TO SMALL BUSINESSES WHICH OFTEN TIMES HAVE DIFFICULTY QUALIFYING FOR TRADITIONAL FINANCING.
OTHER PROGRAM SERVICES INCLUDE INTERMEDIARY RELENDING PROGRAM 1, INTERMEDIARY RELENDING PROGRAM 4 THE MICROLOAN LENDING PROGRAM, THE RURAL BUSINESS ENTERPRISES PROGRAM, THE MAIN STREET LOAN PROGRAM, AND THE COMMUNITY ADVANTAGE LOAN PROGRAM.
INTERMEDIARY LENDING PROGRAM, 2 LOANS FUNDED IN 2022, THESE FIXED-RATE, 5-15 YEAR TERM LOANS UP TO $200,000 ARE INTENDED FOR SMALL BUSINESSES WHO MAY NOT BE ABLE TO OBTAIN CONVENTIONAL FUNDING, OR WHO NEED GAP FINANCING FOR A CONVENTIONAL LOAN. ILP LOANS MAY BE USED FOR WORKING CAPITAL, EQUIPMENT, AND INVENTORY OR REAL ESTATE.
INTERMEDIARY RELENDING PROGRAM 2 & 3, 4 LOANS FUNDED IN 2022, 66 LOANS FUNDED TO DATE. BORROWERS IN RURAL COMMUNITIES (POPULATION UNDER 50,000) MAY BENEFIT FROM A FIXED-RATE, 5-15-YEAR LOAN UP TO $250,000 TO FINANCE A NEW OR EXISTING BUSINESS, PURCHASE EQUIPMENT OR REAL ESTATE OR USE AS WORKING CAPITAL. HEALTH-RELATED IRP LOANS ARE ALSO AVAILABLE, AS DAKOTA BUSINESS LENDING HAS ESTABLISHED A PARTNERSHIP WITH AREAS LENDERS AND SMALL BUSINESSES AS WELL AS THE U.S. DEPARTMENT OF AGRICULTURE TO OFFER THE INTERMEDIARY RELENDING PROGRAM (IRP).
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dan Jacobson Past Chairman | OfficerTrustee | 1 | $1,700 |
Jim Hambrick Chairman | OfficerTrustee | 1 | $2,550 |
Steve Gehrtz Director | Trustee | 1 | $2,050 |
Jason Hopfauf Director | Trustee | 1 | $2,550 |
Kim Kautzman Director | Trustee | 1 | $2,050 |
Tonya Holmstrom Vice-Chairman | OfficerTrustee | 1 | $2,550 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $187,199 |
| All other contributions, gifts, grants, and similar amounts not included above | $42,300 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $229,499 |
| Total Program Service Revenue | $2,298,260 |
| Investment income | $165,946 |
| 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 | $2,699,017 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $8,374 |
| 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. | $270,934 |
| Compensation of current officers, directors, key employees. | $208,688 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $986,125 |
| Pension plan accruals and contributions | $57,715 |
| Other employee benefits | $101,008 |
| Payroll taxes | $91,846 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $52,712 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $30,900 |
| Office expenses | $65,703 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $47,505 |
| Travel | $58,139 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $51,349 |
| Interest | $63,380 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $70,721 |
| Insurance | $23,301 |
| All other expenses | $3,315 |
| Total functional expenses | $2,141,843 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $140,703 |
| Savings and temporary cash investments | $1,969,707 |
| 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 | $1,842,709 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $27,733 |
| Net Land, buildings, and equipment | $1,699,765 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $112,253 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,039,341 |
| Total assets | $6,832,211 |
| Accounts payable and accrued expenses | $110,319 |
| 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 | $2,615,360 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $2,725,679 |
| Net assets without donor restrictions | $4,012,594 |
| Net assets with donor restrictions | $93,938 |
| 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 | $6,832,211 |
Grants Awarded
Over the last fiscal year, Dakota Business Lending has awarded $58,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
ACHIEVEMENT UNLIMITED FOUNDATION PURPOSE: PROGRAM SUPPORT | $48,000 |
SOURIS BASIN PLANNING COUNCIL PURPOSE: ECONOMIC AND COMMUNITY DEVELOPMENT | $10,000 |