NECOG-DC Revolving Loan Fund Success Stories
Frederick Development Corporation
Leaders with the Frederick Development Corporation wanted an option for gas and diesel fuel to be available locally so people didn’t have to drive out of town just to fuel up. Their solution was building a fueling station along Highway 281, just on the edge of Frederick. They worked with North Central Farmers Elevator (now Agtegra Cooperative) to lease the facility and supply it with fuel, which has proven to be a winning solution for folks in the Frederick area. NECOG-DC, NESDEC and REED were able to offer permanent financing on the fueling station (with First National Bank in Frederick providing the construction financing).
Starting a new business amidst the uncertainty of the COVID-19 pandemic has many challenges, including financing. NECOG-DC helped them bring their vision to reality by providing financing. The Market on the Plaza is a place for people to gather and celebrate the life and culture of northeastern South Dakota. The store serves coffee, beer, and unique SD souvenirs and has outdoor and indoor spaces to hang out.
Having successfully managed the Mobridge Ace Hardware with a minority ownerships stake for 5 years, Adam Hayes and Jeana Sayler felt it was time to buy out their silent partner. NECOG-DC worked with the local bank, the local development corporation and other regional partners to finance the buyout.
After years of operating hay grinders for other businesses, Tyler Sievers felt the entrepreneur’s itch and decided to start his own hay grinding business. NECOG-DC provided financing for the hay grinding equipment for his new business. NECOG-DC has a niche for financing new business start ups.