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Current Clients FAQ

Ally Dakota Development has compiled a list of frequently asked questions in order to assist our clients who have current SBA or RLF loans. For further assistance, please contact us directly.

When is my loan payment due?

For SBA 504 Loans, loan payments are due every month on the first business day. Late fees will be applied if the loan payment is received after the 15th of the month.
For RLF Loans, loan payments are due as indicated on your amortization schedule provided at your loan closing. Late fees may be charged ten days after the due date. To request another copy of the your amortization schedule, please contact us.
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How are my loan payments made (does it have to be by automatic debit)?

or SBA 504 Loans, loan payments must be processed via an automatic debit. In the closing process with FDDC, you filled out a form and provided a voided check indicating the account from which your loan payments will be automatically debited.
For RLF Loans, loan payments can be sent by check, bill pay, or wire transfer. It is the client’s responsibility to set payments up according to their payment date using an appropriate payment method.
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Can I change the account my loan payments are debited from (for SBA 504 Loans)?

Yes, you may change the account from which your loan payments are automatically debited. A new ACH debit form is needed. Please complete this ACH form and mail it to our office at PO Box 1207, Watertown, SD 57201 along with a voided check for the new account. Both the completed ACH form and voided check must be received by our office no later than the 10th of the month in order for the new account to be used the following month for the automatic debit.
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What is Wells Fargo Corporate Trust Services?

Wells Fargo Corporate Trust Services is the Central Servicing Agent (CSA) for all SBA 504 loans effective March 25, 2013. The former CSA was Colson Services Corporation. The CSA is responsible for processing loan payments and handling accounting for every SBA 504 loan nationwide.
Please note that Wells Fargo Corporate Trust Services does not provide any direct client services. All inquiries regarding your SBA loan should be directed to First District Development Company and will be handled by one of our team members. Please do not attempt to contact Wells Fargo Corporate Trust Services.
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Can I prepay my SBA 504 loan?

Yes, it is possible for you to prepay your SBA 504 loan. SBA 504 loans are funded differently than conventional bank loans and therefore have unique payoff terms. Partial prepayment is not allowed. Loan assumption may be a possible alternative to loan payoff depending on your situation.

  • FDDC must receive written notice 15 days in advance of the SBA payoff date
  • 504 loans can only be paid off on the third Thursday of each month
  • Payoff must be made via wire transfer
  • Prepayment premiums may apply. Once half of the term of your loan has passed, there are no premiums, but until that point there is a declining premium applied to prepayments that adjusts at six month intervals.
Please contact Ally Dakota Development immediately if you are considering loan payoff or assumption.
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What is my loan balance?

You can check your current loan balance at any time by referencing the Amortization Schedule we provided you with after your loan funded. To request another copy of the Amortization Schedule please contact us by email.
Note: The loan balance is not the same as the loan payoff amount.
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What is the interest rate on my loan?

For SBA 504 Loans, the “Effective Rate” is referenced in the funding letter we provided you with after your loan funded. If you are unable to locate your letter, please contact us by email for your effective rate.
For RLF Loans, the interest rate is referenced on your loan authorization and your amortization schedule provided at closing. If you are unable to located these documents, please contact us by email for your effective rate.
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How can I update my mailing address or other contact information?

You can update your contact information by sending us an email, please include your phone/fax numbers, mailing address, email address and website address.
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How can I find out the amount of interest paid on my loan?

A 1098 tax statement is provided annually to the borrowing entity. You can also calculate the interest paid on your loan by using the Amortization Schedule we provided you with after your loan funded. To request another 1098 tax statement, or a copy of your Amortization Schedule, please contact us.
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Can I obtain another SBA 504 loan?

Yes, you may be eligible for another SBA 504 loan. FDDC has numerous clients who have received two or more SBA 504 loans to finance new locations and expansions for their growing businesses. Please contact us to find out if you are eligible for additional SBA 504 loan financing.
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Why do you ask for financial statements every year?

Submitting annual financial statements and/or federal tax returns is part of your commitment to FDDC for your SBA 504 or RLF loan. We will send you a request for updated financials on an annual basis and ask that you submit them no later than six months after your fiscal year end. All of our borrowers are asked for the same information, regardless of loan performance, which is required by FDDC’s examiners.
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Why do you ask for a job count every year?

SBA and other agencies that we report to require that FDDC obtain information regarding the number of jobs created and or retained for every SBA 504 loan client. We will send you a request for the current job count on an annual basis and ask that you submit the information to us promptly so that we may keep your loan file in good standing.
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– Blogs, News, and Success Stories –

What our Allies Are Saying

We’ve found ways to increase sales, add more products, and expand our services. I truly believe that our store would not be as successful without the assistance that has been…...

Dina Flores, Main Street Espresso

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…...

Marta Artz, Deadwood Doghouse

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…...

Tenise Chapman, Black Hills Tires

We’ve found ways to increase sales, add more products, and expand our services. I truly believe that our store would not be as successful without the assistance that has been…...

Dina Flores, Main Street Espresso

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…...

Marta Artz, Deadwood Doghouse

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…...

Tenise Chapman, Black Hills Tires

We’ve found ways to increase sales, add more products, and expand our services. I truly believe that our store would not be as successful without the assistance that has been…...

Dina Flores, Main Street Espresso

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…...

Marta Artz, Deadwood Doghouse

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…...

Tenise Chapman, Black Hills Tires

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