HomeSource Furniture & Floors in Spearfish, SD is a family-owned business with a 50+ year history in Spearfish. The current owners, Tim and Mary Beth Baldwin, have owned and operated it for the past 8 years. The first five years of their ownership were in a different location, and sales were stagnant. After moving to their current location on East Colorado Blvd, things turned around. In fact, after a couple of years, they decided that this was the permanent home for their businesses and started conversations to purchase the building. They spoke with their banker at Great Western Bank (now First Interstate Bank), and he introduced them to the staff at Black Hills Community Economic Development and the SBA 504 program.
Through the program they were able to secure the building with a lower down payment than conventional financing would allow. And a portion of their loan has a fixed interest rate for 25 years. The Baldwins are grateful for the SBA 504 Program which helped them purchase their building – something they might not have been able to do without the program.
Since moving to their new location, the Baldwins have seen significant growth in their business. The HomeSource revenue has more than doubled from sales in their previous location. Mary Beth and Tim said, “We are very happy we chose the SBA 504 program. The entire process was very painless, and Ally Dakota Development was a good guide through it all.”
