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In This Issue... VOLUME 2 - ISSUE 1 - MAY 2023 5 Ways to Improve Your Cash Flow Words of Wisdom from Small Business Owners Small Business Spotlight - Katabatic Brewing Growing Small Towns... Thriving North Dakota It’s About the PeopleBetter Together We’re a few months into the new year, so it’s time for a check in…how are your 2023 resolutions going? While everyone’s resolutions may vary, we more than likely have one common goal in mind: to be better. To become better versions of ourselves, to better our places of work, or to do what we can to make this world a better place. This spring, we want to help you take that goal one step further. From sharing stories of entrepreneurs who have brought their dreams to life and business owners who are making an impact on our communities, to providing tips and tricks on how to improve various aspects of your business and pointing to various resources that are out there to help, this issue is jam-packed with ways to be better…however that looks for you. So, whether your new years resolution is going strong, or you had a few bumps along the way, we hope this issue allows you to ACTIVATE (or RE-ACTIVATE) your goal to be better. And the best part about it? We can do it together. - Dakota Business LendingTable of Contents Meet the Dakota Business Lending Team ........................................................ 3 Words of Wisdom from Small Business Owners ............................................ 5 Small Business Spotlight - NuTek Natural Ingredients ................................. 7 Ask Dakota Business Lending ............................................................................. 9 SBA 504 Loan Application Do’s and Don’ts .................................................... 11 More Resource Partners ........................................................................................ 13 Inside the Vault ....................................................................................................... 14 5 Ways to Improve Your Cash Flow .................................................................... 15 Small Business Spotlight - Johnson Family Dentistry ................................. 17 The 5 C’s of Credit .................................................................................................. 19 It’s About the People ............................................................................................. 21 Meet our Board of Directors: John Phillips ...................................................... 23 2023 Goal Check-In .............................................................................................. 24 Growing Small Towns...Thriving North Dakota ................................................ 25 Small Business Spotlight - Katabatic Brewing ............................................... 27 ND & MT Small Business Development Centers ............................................ 29 5 Financial Mistakes (& How to Avoid Them) .................................................. 31 Meet our Entrepreneur District Residents ........................................................ 333 | May 2023 Steve Dusek President & CEO 12 Years at DBL One of my go-to books is “Good to Great” by Jim Collins. I also do a 5-10 minute reflection each day that includes my priorities, schedule, highlights, one way to improve, and three things I am grateful for. Kaitlyn Wiebusch Marketing Specialist 6 Years at DBL I have always enjoyed journaling and I find it to be a good way to reflect and foster gratitude. Plus it’s a great way to track your growth and progress because you always have something to look back on. Christie Williams Business Development / Commercial Loan Officer 4 Years at DBL I like to choose a word of the year and actively engage with it daily. This year, my word is “foster” and I have been reflecting on how I can foster different elements and relationships into my life. Paige Naylor Credit & Underwriting Specialist 3 Years at DBL I enjoy writing in an organized journal, such as “The Five Minute Journal.” I am also currently reading a daily devotional called “Pressing Pause: 100 Quiet Moments for Moms to Meet with Jesus.” Anjie Martins Senior Credit Analyst 2 Years at DBL One of my personal favorite books is “Atomic Habits” by James Clear. I can always find something new to learn and implement from there. Roxi Pfliiger Vice President / Sales & Marketing 8 Years at DBL I’m interested in just absorbing more information about personal and professional development. Right now, I’m trying to maximize my understanding of my Gallup Strengths. Emily Schroeder Business Development / Commercial Loan Officer 7 Years at DBL I love listening to podcasts and am a big Brene Brown fan. Two of my favorites are “Unlocking Us” and “Dare to Lead”. Katie Anderson Closing Officer 5 Years at DBL My family and I like to share our highs and lows of the day. I also like to maximize one on one time with my kids in the car and follow Dr. Brad Campbell on social media, who shares all sorts of wellness advice. Meet Our Team! What is your favorite personal or professional development resource? dakotabusinesslending.com | 4 Ann Peterson VP / Loan Operations 1 Year at DBL I have read several books on personal and professional development. One book that has given me several personal takeaways was “Perfectly Yourself” by Matthew Kelly. Jason Gerdes Business Development / Commercial Loan Officer 1 Year at DBL Being more present with my family by putting technology away at night. I am also focused on eliminating things that add negative energy to my life. Rochelle Cross Loan Specialist 1 Year at DBL The Calm app has a ton of great resources. One of my favorites is “The Daily Jay”, an 8 minute daily meditation with perspective. Scott Schake Business Development / Commercial Loan Officer 1 Year at DBL I really enjoyed the book “Die with Zero - Getting the Most from your Money AND Your Life.” It is filled with some valueable lessons and takeaways. Abby Brost Loan Assistant 1 Year at DBL I try to touch base with my husband daily on things we are grateful for or that brought us joy throughout that day. Michaela Schell Entrepreneurial Development Director 9 Months at DBL Two of my favorite books are “The More of Less” by Joshua Becker and “Silence: In the Age of Noise” by Erling Kagge. I also subscribe to Morning Brew business and current events emails. Jo Ann Back Business Development / Commercial Loan Officer 5 Months at DBL Some of my favorites are a daily check-in with my spouse or walking to eliminate stress. I am currently reading a devotional called “Holy Moments” by Matthew Kelly. Britta Thompson Marketing Intern 1 Month at DBL One of my favorite books is “Mind Gym” by Gary Mack. Although it focuses on athlete’s perspective, it showcases how to strengthen yourself throughout all aspects of life. Sophia Bates Marketing Intern 1 Week at DBL Running allows me to take a step back and find gratitude in the little things while also providing an outlet that relieves stress and promotes a healthier lifestyle.5 | May 2023 Words of Wisdom from Small Business Owners They say that “experience is the mother or father of wisdom,” and, in small business ownership, the saying runs true. Entrepreneurs are always working tirelessly to bring their dream to life. They tend to dive in headfirst and, while they may encounter challenges, obstacles, or even make some mistakes along the way…they also gain some incredible wisdom and knowledge. Here are a few valuable words of wisdom - from the mouths of local small business owners themselves! “Hire quality people that fit your culture. Don’t hire the smartest and brightest if they don’t come with the culture you want. A business is only as good as it’s people.” - Jeff Shipley, Keller Williams Inspire Realty (Fargo, ND) “Listen to others. It’s important to surround yourself with people who have been there from their perspective area of expertise. Whether it’s an accountant, a banker, or a bartender, these people have valuable pieces of advice to share.” - Kent Bloms, The Original Bar and Nightclub (Minot, ND) “Don’t stop if you hear the word ‘no’ once or twice. You have to believe that there’s programs or people out there that can help you. Then, go find them.” – Mitch Kost, Sport Clips (Bismarck, ND) “Put in the hard work. If you are willing to do what it takes to start or own a business, do it! The rewards are amazing.” - Drs. Derek and Christy Fischer, Fischer Family Chiropractic (Williston, ND) “Expanding or starting your own business takes a leap of faith. It is not for the faint of heart. It is unnerving. But if you’re willing to do that…it’s extremely rewarding.” - Cory Oberlander, Agveris and TruCore Fitness (Casselton, ND) dakotabusinesslending.com | 6 We are so proud of these entrepreneurs, along with the many others who serve our local communities. Thank you for sharing your businesses, your talents, and your words of wisdom with us! “Don’t be afraid to give your goal or dream a shot.” – Audrey Kankelfritz, Lawn Improvement (Fargo, ND) “Know and understand your numbers. Whether you’re starting out, buying a business, or working to acquire one, 90% of your time needs to be in taking a firm evaluation of your financials so you know where you are and where you’re going”. – Shawn Markman, Katabatic Brewing (Livingston, MT) “Make the investment. There’s a lot of small businesses out there that seem to be dying because they won’t make the investment in new machines or whatever they need to expand and grow. You have to put yourself out there and hope for the best.” - Joshua Lorenz, Mikkelsen Aggregates (Bottineau, ND) “Network, ask questions, and share your story. There are so many people across the state that are willing to go out of their way to help you succeed.” - Rob Hrabe, Mid-America Aerotech (West Fargo, ND) “Understand the risk. Starting and owning a business can be scary. We had to put in a lot of money in up front and there was a lot of work involved, but we were confident in our abilities and skills and knew that our community would support us. It was worth it.” - Jerry Frye, Jerry’s Repair and Alignment (Minot, ND) “You can’t plan enough. There will no doubt be barriers along the way, but continue to look at the problems and solutions will arise.” - Dave and Anne Larson, Rustic Oaks (Fargo, ND)7 | May 2023 Small Business Spotlight: NuTek Natural Ingredients NuTek Natural Ingredients is a global supplier of cost effective, clean label ingredient solutions. Founded in 2006 by two CPG executives, the company creates and manufactures solutions for a healthier food supply all centered around one idea: “created in nature, nurtured by science.” In 2016, they opened a manufacturing facility in Fargo where they have set out to fulfill this mission, working with their customers to make a clean swap to natural ingredients. Why Nutek? NuTek has three product platforms: 1. Salt for Life and Beyond Salt sodium reduction solutions – Salt substitutes made with potassium salt, sea salt, and mineral salt that delivers the same flavor and functionality as regular table salt. This was NuTek’s first patented ingredient. 2. NuXtend Natural Preservative – A fermented, plant-based preservative that prevents mold and offers the same functionality and taste as synthetic preservatives. 3. NuForm Texture Solution – A plant-based, upcycled texture solution that delivers the same functionality as other hydrocolloids in the market with a clean label. “Consumers are shifting to more clean label foods across the world,” explained Anna Biehn, VP of Marketing and Strategy. “NuTek plays in a 70 billion global market of ingredient solutions. Our patented technology allows us to create these products in an efficient, environmentally friendly way.” Creative Financing for More Creative Products As demand for NuTek’s products continued to grow, so did their need for additional capacity and capabilities at their Fargo location. NuTek met with the Greater Fargo Moorhead Economic Development Corporation (GFMEDC) to learn more about financing resources available for this expansion. It was through this process that they were introduced to Dakota Business Lending and the New Markets Tax Credit (NMTC) program. dakotabusinesslending.com | 8 Making a Clean Swap In 2022, NuT ek received a NMTC allocation towards their expansion project. “Our plant expansion in Fargo involved adding new capabilities such as fermentation to grow our preservatives platform. We also built out our foundation for future growth.” shared Biehn. This allocation allowed NuTek to move forward with their expansion efforts without delay and take this next step towards growing their business. Improving Global Health and Our Local Community The NMTC program has several components to ensure that projects have a transformative impact on their community, including creating high quality jobs. NuTek plans to create 27 additional jobs over the next 7 years. To date, they have completed 70% of their goal and anticipate overachieving it. By growing their Fargo plant, NuTek also plans to leverage agriculture products from North Dakota for their ingredient solutions. Spreading the Impact As part of the project, NuTek delivered a “pay it forward” donation to several local community organizations, including YMCA of Cass and Clay Counties, YWCA Cass Clay, and the F5 Project. The concept is part of Dakota Business Lending’s effort to maximize the impact in the community and pass along direct financial assistance to others in need, while supporting workforce development and infrastructure vitality in the state. “The ‘pay-it-forward’ component of the program was very impactful to us. Part of our Environmental, Social, and Governance (ESG) plan is to support workforce diversity, and what better way to do that than by supporting women through these three organizations. The ‘pay it forward’ component took our expansion and our mission to the next level for us.” What’s Next for NuTek? NuTek plans to continue fulfilling their mission, one ingredient at a time. “Our growth plans focus on entering new categories with our current product platforms, expanding our capacity and capability,” shared Biehn. “We also continue to build out our ESG agenda.” For more information about NuTek Natural Ingredients, visit their website: www.nuteknatura l .comNext >