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. 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 Ally Dakota 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 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.”
