Success Stories
Black HIlls Tire
Black Hills Tire is a tire shop and automotive service facility located in Rapid City. After years of experience in the industry, Weston Chapman decided to go out on his own. In 2018, he and his wife Tenise purchased the assets of another facility with plans to grow the business. When they first started the process of opening their own business, they really didn’t know what to expect when it came to the financing portion. Their lender at First National Bank introduced them to the SBA 504 program and the staff at Black Hills Community Economic Development. They utilized the program to purchase the real estate where they opened Black Hills Tire.
Tenise says, about using the 504 program, “By utilizing SBA’s low rates and minimal down payment requirement, we were able to keep our overhead low and invest our funds back into our business. We have been able to recruit and retain top-notch employees because we are able to offer them higher than normal wages. This has allowed Black Hills Tire to grow faster than we ever anticipated. By having consistent staff since the day we opened, it has really taken our service level above and beyond, and that is what makes Black Hills Tire successful.”
Due to their quick success, the Chapman’s realized just a few short years later that they needed more space. They ended up purchasing a second location using another SBA 504 loan to further grow the business. Weston & Tenise worked closely with Executive Director, Fran White of BHCED and said that she explained every step of the process and was so accommodating through the entire process. The Chapmans said that they would absolutely recommend both the SBA program and BHCED to any existing business or anyone looking to start a business.
Tenise adds, “Aside from the financing, they are a great resource in helping create projections, a business plan and sharing items with you that you might not have realized you are going to need to have/do when owning a business.”
Deadwood Doghouse
In 2019, Marta Artz knew the Deadwood-Lead area was in need of a doggy daycare and boarding facility. Her dream was to make that a reality. After getting turned down from bank after bank trying to chase this dream, she wasn’t sure if it would ever come true. Finally, after talking to other business owners in the area, she heard about the SBA 504 Program. Artz worked closely with Fran White, Executive Director of Black Hills Community Economic Development and Dusty Morehead of First National Bank to purchase and renovate a building to house her brand new business.
She eventually left her job of 19 years and started Deadwood Doghouse making her dreams a reality.
“My experience working with BHCED was a very positive one. Fran…led me with expertise and knowledge on every step I took. It was a very long process between SBA, bank, buying the property and getting permits through the county, but Fran was there every step of the way.” says Marta.
Since getting funding from the SBA 504 program, Marta’s business has really grown. She feels she is in a great location and that with the growth of the area, her business will continue to grow.
Marta says she would absolutely recommend BHCED to anyone. “This has changed my life and I couldn’t be more thankful. I’m a single mom and there’s no way I could have done this without the help of BHCED. I’m grateful every day!”
Homesource Furniture
HomeSource Furniture & Floors in Spearfish, SD is a family-owned business with a 50+ year history in Spearfish. Current owners, Tim and Mary Beth Baldwin, have owned and operated it for the past 8 years. The first five years of their ownership was in a different location and sales were stagnant. After moving to their current location on East Colorado Blvd, things turned around. In fact, after a couple of years, they decided that this was the permanent home for their businesses and started conversations to purchase the building. They spoke with their banker at Great Western Bank (now First Interstate Bank), and he introduced them to the staff at Black Hills Community Economic Development and the SBA 504 program.
Through the program they were able to secure the building with a lower down payment than conventional financing would allow. And a portion of their loan has a fixed interest rate for 25 years. The Baldwins are grateful for the SBA 504 Program which helped them purchase their building – something they might not have been able to do without the program.
Since moving to their new location, the Baldwins have seen significant growth in their business. The HomeSource revenue has more than doubled from sales in their previous location. Mary Beth and Tim said, “We are very happy we chose the SBA 504 program. The entire process was very painless, and Black Hills Community Economic Development was a good guide through it all.”
main street espresso
Eric and Dina Flores had been operating their business Main Street Espresso/Big Dipper on Main Street, Deadwood for about 8 years when the opportunity came up to buy the building they occupied. Using the SBA 504 loan program in partnership with First Interstate Bank, they were able to purchase the building with a low down payment which preserved their capital for operations. That was 10 years ago. The business has had its ups and downs over the years, but the Flores’ are grateful for the SBA loan and the Black Hills Community Economic Development staff over that time.
Dina adds, “We hit some rough patches the first few years, but with BHCED working with us, we’ve been able to overcome. We’ve found ways to increase sales, add more product, and expand our services. I truly believe that our store would not be as successful without the assistance that BHCED has provided us these past 10 years.”
Main Street Espresso/Big Dipper offers coffee drinks and products, ice cream, Italian sodas as well as a large variety of local made goods and products at their Deadwood location.
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