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Borrower Spotlight: Black Hills Tire

If you’ve driven down Jackson Boulevard in Rapid City lately, you may have noticed a change to the former “Doug’s Sinclair” building. In October, the building and business were sold to Weston Chapman and his wife Tenise who have changed the business name to “Black Hills Tire.” Weston comes to the business with 12 years of experience in operations and management of auto repair shops that specialize in tire replacement in Rapid City. The Chapmans are making some improvements to the waiting area of the building right away, but they are open for business. While the name emphasizes tire repair and replacement, the business will do complete auto repair. The Chapmans were able to take advantage of long term fixed rate financing through the SBA 504 loan on the purchase of the real estate while using a companion SBA 7a loan for the non-real estate portion of the project.

SBA 504 Rates

20 year rates                   25 year rates                 10 year rates
November 5.59%             November 5.64%            November  5.59%
October 5.49%                 October 5.53%                September 5.25%
September 5.25%            September 5.29%           July 5.3%                              

Fran White Promoted to Executive Director of Black Hills Community Economic Development

Fran White has been promoted to executive director for Black Hills Community Economic Development (BHCED). This organization assists communities in business development efforts and works with entrepreneurs to secure SBA 504 loan financing. White has worked for BHCED since 2002 managing the SBA 504 loan portfolio and has helped local businesses secure more than 77 million dollars in SBA financing.   

For the past two years, Ali DeMersseman, executive director of Black Hills Council of Local Governments and the West River Business Service Center, held the BHCED executive director position. DeMersseman will continue to assist with BHCED’s economic development committee, Rushmore Region Alliance.

In 2011, BHCED and Black Hills Council of Local Governments (BHCOLG) combined their executive director positions due to the similarities in board makeup and structure. BHCOLG offers expertise in several areas from comprehensive planning to funding for public infrastructure projects. With recent regulatory changes, as well as increased activity in both organizations, a change in this structure was necessary. The collaboration of the two organizations resulted in strong partnerships, and, as a result, the two are able to provide better economic and community development assistance to communities and businesses in our region. The organizations both remain housed at the West River Business Service Center in Rapid City.

BHCED’s Fall Round up a Success

On a Thursday evening in September, Black Hills Community Economic Development gathered for its annual Small Business Round Up event. The event was held in Custer at the Mt. Rushmore Brewing Company, which was remodeled recently after receiving SBA 504 funding. During the mixer-style event, dinner and drinks were served and the following awards were presented: Small Business of the Year: Bavarian Inn, Custer; Small Business Expansion of the Year: Healthy Paws, Rapid City; Lender of the Year: Mark Benson, Dacotah Bank; Rushmore Region Alliance Partner of the Year: Pat Kurtenbach. To view the video of award winners shown at the event, visit our webpage at www.bhced.org.
Copyright © 2018 West River Business Service Center, All rights reserved.


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