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VOLUME 1 - ISSUE 2 - NOVEMBER 2022 In This Issue Using Their Superpowers for Good MomPreneurs on the Move Everything You Need to Know About Your Business Plan Digital Marketing 101 Starting a Business in ND 40 Years of Dakota Business Lending Asking the Right (& Tough) QuestionsLet’s CELEBRATE! 2022 has been a crazy year at Dakota Business Lending filled with exciting news and milestones, starting right here with this magazine. We published our very first issue in the spring, celebrated our 40th anniversary on May 10, 2022, and launched the Vault this summer (more on that in this issue!). Top that off with one of our record years, adding some more rockstars to our team, and working with our amazing borrowers, lenders, partners, and supporters, we’re heading into the fall feeling energized and excited. In addition, October was National Women’s Small Business Month and our team spent some time reflecting on the women businesses we work with. We are proud of the success they have had and are grateful for our partners at the Women’s Business Center who have helped many of them along the way (check out our previous issue for more about them!). The Women’s Business Centers in North Dakota and Montana play a significant role in getting women entrepreneurs the resources they need to succeed and we are grateful to work beside them with this shared mission. We wanted to carry forward last month’s celebration by sharing the incredible stories of just a few of the many women we have the privilege of working with each day. In this issue, you will find various resources, business programs, and financing options that can help women and business owners ACTIVATE their business and take it to the next level, as well as inspiring stories of women who have done just that. And we want you to celebrate with us! We invite you to join us in the celebration by supporting your favorite local small businesses this fall. Whether it’s by shopping small, writing a review, recommending to a friend, or just letting them know how important they are to you, you can help us ACTIVATE our local businesses, our communities, and our economies too. We wish you all a great fall and holiday season and look forward to serving (and celebrating!) you and your businesses. -Dakota Business LendingTable of Contents Meet Our Team ..................................................................................................................... 3 Using Their Superpowers for Good ................................................................................ 5 Small Business Spotlight: ND Academy of Dance....................................................... 7 Ask Dakota Business Lending .......................................................................................... 9 The SBA 504 in an Rising Rate Environment .............................................................. 11 Introducing More Resource Partners ............................................................................... 13 Resource/Tool Spotlight ................................................................................................... 14 MomPreneurs on the Move ............................................................................................... 15 Small Business Spotlight: Red Door Pediatric Therapy ............................................. 17 Everything You Need to Know About Your Business Plan ........................................ 19 Digital Marketing 101 .......................................................................................................... 21 Meet Our DBL Board Member: Tonya Holmstrom ..................................................... 23 The Making of a Small Business Owner ....................................................................... 24 Asking the Right (& Tough) Questions .......................................................................... 25 Small Business Spotlight: Green Flag ........................................................................... 27 Where to SCORE Free Business Assistance ................................................................. 29 Starting a Business in ND ................................................................................................. 31 40 Years of Dakota Business Lending ........................................................................... 333 | November 2022 Meet Our Team! Steve Dusek President & CEO 12 Years at DBL I love having the opportunity to do what I love every day by helping entrepreneurs find solutions and achieve their dreams of starting, succeeding, and growing a small business of their own. Roxi Pfliiger Vice President / Sales & Marketing 8 Years at DBL I love seeing the end result of projects that wouldn’t have happened without our financing programs. There are some amazing things happening in our area and it is amazing to be a part of it. Emily Schroeder Business Development / Commercial Loan Officer 7 Years at DBL The best part is seeing small businesses have such a large impact on their communities because of a dream we were able to partner with them on. Christie Williams Business Development / Commercial Loan Officer 4 Years at DBL I love being able to meet amazing people and playing a small part of a small business owners’ journey towards making their dreams a reality. Paige Naylor Credit & Underwriting Specialist 3 Years at DBL It is incredible to see the impact our work can do for small businesses. To drive around down and see the projects that we have been a part of puts an instant smile on my face. Kaitlyn Wiebusch Marketing Specialist 6 Years at DBL We get to work with so many incredible small business owners and be a part of their journeys. I love helping them share their stories with the world. Katie Anderson Closing Officer 4 Years at DBL I get to play a small part in helping our local small businesses succeed, all while enjoying our amazing company culture along the way. dakotabusinesslending.com | 4 What’s the Most Rewarding Part of Your Job? Anjie Martins Senior Credit Analyst 2 Years at DBL I love working with borrowers and lenders in my community. Seeing the impact that our team can have in the area that I call home is very special. Ann Peterson VP/Loan Operations 1 Year at DBL I admire the drive and spirit of the entrepreneurs we work with. Helping small businesses grow in their respective communities is a very tangible and rewarding highlight of what we do. Jason Gerdes Business Development / Commercial Loan Officer 1 Year at DBL I get to work with some of the most dedicated and knowledgeable staff that truly want to help small businesses grow and enhance economic development in our region. Rochelle Cross Loan Specialist 1 Year at DBL I love driving around town and seeing all the businesses we’ve helped finance. It’s rewarding to know I had a very small part in making their dreams a reality. Scott Schake Portfolio Manager 9 Months at DBL I enjoy getting to help people create and build their dreams. Entrepreneurs are unique, amazing people who work hard and take risks every day, and it’s an honor to help them start and grow their companies. Abby Brost Loan Assistant 9 Months at DBL One of my favorite things about Dakota Business Lending is working with positive and determined individuals who have a true desire to foster and grow strong economic relationships with the community. Michaela Schell Entrepreneurial Development Director 3 Months at DBL Getting to dream big for small businesses! It brings me so much energy and joy to help create and deliver resources and support to the small but mighty businesses in our communities. Superpowers: Super Vision, Empowerment, Passion for Learning. 5 | November 2022 Kari Weigel Sylvan Learning Center (Bismarck & Fargo) Origin of Powers: Observing her superhero mother who opened Sylvan Learning Center in Bismarck. Disguised As: Wife, Daughter, Mother, Tutor/Educator, Bismarck-Mandan Chamber’s 2017 Small Business Person of the Year. Weaknesses: No ability to fly; having to travel 4-5 hours to meet with families for services. Her (Super) Vision: To make tutoring opportunities accessible border-to-border across North Dakota. Superhero Story: dakotabusinesslending.com/sba-504-loan-sylvan-learning-center Using Their Superpowers for Good A Look into Local Heroes who are Transforming North Dakota Superpowers: Faith, Courage, Supernatural Fashion Sense. Mechelle Mortenson Grace & Glam (Williston) Origin of Powers: A desire to fill a gap in her community. Disguised As: Wife, Mother, Woman of Faith, Business Owner, Shop-O-Holic. Weaknesses: No ability to teleport, having to drive 100+ miles for her favorite brands. Her (Super) Vision: To bring premium clothing brand options to the citizens of Williston. Superhero Story: dakotabusinesslending.com/sba-504-loan-grace-and-glam Breezee Hennings Wild Terra Cider (Fargo) Superpowers : Superhuman Determination, Enhanced Crafting, Mental Toughness. Origin of Powers: Shared passion for adventure, creativity, and brewing with her husband. Disguised As: Wife, Brewer, Co-Owner of Fargo’s First Craft Cidery. Weaknesses: No cloning abilities; denied financing by 15+ banks. Her (Super) Vision : To open an eco-friendly brewery where she can share her love for craft cider with Fargo. Superhero Story: dakotabusinesslending.com/sba-7a-loan-wild-terradakotabusinesslending.com | 6 Superpowers: Environmental Adaptability, Resilience, Positivity. Kylee Geer Minot Center for Pediatric Therapy (Minot) Origin of Powers: Desire to build her career in her hometown. Disguised As: Wife, Mother, Speech-Pathologist, Owner of Minot’s First Private Speech Pathology Practice. Weaknesses: Hulk-sized growth in an Ant Man-sized facility. Her (Super) Vision: To give children a voice and build a community for kids with disabilites. Superhero Story: dakotabusinesslending.com/sba-504-loan-minot-center-for-pediatric-therapy Superpowers: Super-Strength, Grit, Confidence-Building. Rachelle Sian Spectrum Fitness (Minot) Origin of Powers: Military family background with a passion for health and fitness. Disguised As: Military Spouse, Massage Therapist, Nutrionist, Co-Owner of Martial Arts and Fitness Center. Weaknesses: Lightning Speed Growth; Garages. Her (Super) Vision: To form a space where people of all body shapes, fitness levels, and age groups are welcome. Superhero Story: dakotabusinesslending.com/sba-504-loan-spectrum-fitness Superpowers: Emotional Intelligence, Enhanced Flexibility, Wisdom. Dr. Brenda King Lipp, Carlson, Witucki, and Associates (Grand Forks) Origin of Powers: Several years of experience and an encouraging spouse / business partner. Disguised As: Wife, Clinical Psychologist Partner, Business Owner. Weaknesses: Temporarily stunted growth; negative stigmas around mental health. Her (Super) Vision: To transform an existing clinical psychology practice into a holistic, community-driven mental health center. Superhero Story: dakotabusinesslending.com/sba-504-loan-lipp-carlson-witucki-associates To read more stories of local superheroes throughout North Dakota, visit our Success Story Page. dakotabusinesslending.com/success-storiesSmall Business Spotlight: ND Academy of Dance Carina Schell was in first grade when she first laid eyes on a tutu. From that moment on, she began a journey that would soon become her lifelong career. She enrolled in ballet shortly after and continued to dance throughout her childhood. When it came time to graduate, Carina couldn’t fathom the idea of giving up this hobby that had become her passion. So, she decided to pursue this passion with everything she had. “What started out as just a fun activity for me to do became such a bigger part of my life…and I had a really hard time thinking I was going to have to “grow up” and leave something I loved that much behind. I fought with that for a little bit, and then decided to go for it. I wanted to pursue the dream of turning what I love into a career.” Carina attended the Royal Winnipeg Ballet Teacher Training Program and moved back to North Dakota to teach at a local studio. All the while, she was fostering a dream inside her head: to have a dance studio of her own. After several years of teaching, she decided to take the leap and pursue her dream. In 2015, she opened North Dakota Academy of Dance. Over the past several years of being in business, momentum has contin- ued to grow…so much so that, by 2020, Carina found herself having to turn students away due to capacity. “I couldn’t bear the thought of putting students on a waitlist who were progressing on so many levels,” shared Carina. If she wanted to continue to meet the demand, she needed a bigger studio. Carina met with her banker at First International Bank & Trust, who introduced her to Dakota Business Lending and the SBA 504 business loan program. The program helped her purchase a larger building in South Fargo with five studios, a large waiting area, a kids play area, restrooms, and an apparel store. And she bought it all at a fixed, below-market interest rate, low down payment, and longer repayment term. 7 | November 2022 “When First International Bank & Trust and Dakota Business Lending came in, they were nothing but helpful and supportive. It was a big leap of faith, but it’s been amazing to have a place that we know can be our permanent home and has the space to grow our program.” Since then, ND Academy of Dance has continued to grow, with more than 18 instructors who work to teach 320+ students ages 2-18 the art of ballet, jazz, tap, hip hop, and more. Carina gives much of the credit to the parents and community who have supported her and her dream from the beginning. “Our dance families are amazing,” Carina shared. “We have so many supportive parents who have followed me throughout this journey.” ND Academy of Dance focuses on giving back to this support system in any way they can, including making donations and being involved in community organizations such as the Autism Center and YWCA. Not only is Carina a dancer and owner of a thriving business, but she is also a passionate mom of three kids…something that has helped shaped and form her as a business owner throughout this journey. “Being a mom-preneur is really challenging, but also the most rewarding thing in the world,” explained Carina. “I get to have two families – my family at home and my dance family – and I wouldn’t trade it for the world.” She credits a lot of her success to her husband, who has helped her every step of the way with the building plans, financing and paperwork, installing studio equipment, and endless support. Carina’s journey hasn’t been easy, but she has relied on the professionals around her to listen, share their expertise, and help guide her in the right direction. And after all the hard work she has put in, she looks back with nothing but pride. “Sometimes I just have to sit back and admire everything that has happened. So many people think that I’ve done something for them, but really they have done something for me. They helped a girl with a tutu grow her dream into something far beyond what I ever imagined.” For more information on North Dakota Academy of Dance or to enroll in their classes, visit their website https://www.ndacademyofdance.com dakotabusinesslending.com | 8Next >