SERVICES

For over 20 years, we’ve been helping our neighbors in Beadle and Spink counties open the door to their dreams. And now, we’d like to hear about yours. Whether you dream of home ownership, a cattle herd of your very own, starting a business where you can be your own boss, or want to make your community a better place, BASEC wants to help. We offer loans, technical assistance, and a one on one style that will help guide you through the process.

BUSINESS COMMUNITY HOUSING YOUTH OPPORTUNITY

BUSINESS

At BASEC, we believe that owning and operating your own business should be more than just a dream. That’s why we have a growing pool of financial products and in-house technical expertise to help you start or grow your business.

BASEC currently offers business loans for startups, expansions, and purchases. Funds from BASEC can be utilized for a variety of business-related opportunities, such as:

Purchase of buildings
Purchase of commercial lots
Purchase of equipment
Construction costs
Repairs
Modernization
Technical assistance

For more information about qualifications BASEC’s business programs, please contact the BASEC office at (605) 635-6165.

TWELVE MONTH CASH FLOW STATEMENT

This document allows BASEC to more accurately view the total expected amount of money that will be transferred into and out of a business, especially as affecting liquidity.

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BUSINESS LOAN APPLICATION

This application will assist BASEC with determining eligibility for for business loans.

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FINANCIAL STATEMENT

The financial statement only needs to be filled out in the absence of a formal balance sheet and profit and loss statement (for example, reports printed from Quickbooks or other bookkeeping software). This form is only needed for business loan applicants.

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NEW BUSINESS CHECKLIST

If you are looking to start a business, this form will help get you started.

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COMMUNITY

Community development efforts has been the lynchpin of BASEC’s mission. BASEC will provide technical assistance for the purposes of enhancing community development. Activities include:

Community Development Assistance
Business Development
Business Succession Planning
Entrepreneurship Development
Workforce Development
Housing (single and multi-family) Development
Leadership Development
Community Planning
Grant Writing
Meeting Facilitation
Community Giving Strategies
Fundraising and Event Planning
Facilities development
Infrastructure development

BASEC has a large network of economic development partners including local, state, and federal economic, housing, and community development agencies.

For more information about qualifications BASEC’s community development programs, please contact the BASEC office at (605) 635-6165.

RURAL DEVELOPMENT LOAN APPLICATION

BASEC seeks to aid local community development entities (such as housing groups or community groups) in financing projects that will benefit the community.

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HOUSING

We believe that access to quality housing is one of life’s most important BASECs. Whether you are looking to purchase a home, finance necessary home repairs, or simply build that addition you’ve always dreamed of, BASEC’s housing programs are here for you. Learn more about what we have available below.

Home Mortgage Loans:
Homeownership is one of the best ways to build equity and wealth for your family. BASEC provides home mortgage loans to qualified applicants for the purchase, construction, or rehabilitation of homes in the BASEC service area. No down payment is necessary to obtain a home mortgage loan.

Home Improvement Loans:
Our home improvement loans provide homeowners with affordable, low interest loans for home additions, improvements or repairs in the BASEC service area. Loan amounts of up to $15,000 may be approved at an interest rate of 5% for 5 years.

Governor’s Homes:
Do you have a dream of owning a home, not just a house but somewhere you can raise a family, retire to, or have family gatherings, all for an affordable price. A place you can call your very own.

Income guidelines have increased and more people are now eligible to receive governor’s homes. The floor plans have changed as well.

Grant/Loan Program: FUNDS ARE CURRENTLY UNAVAILABLE FOR THIS PROGRAM.
With BASEC’s grant/loan program, we will match every dollar you borrow up to $10,000. The purpose of this program is to provide affordable financing for the repair and rehabilitation of owner occupied homes. All projects must be focused on structural improvements, energy performance, and/or health or safety issues (i.e.: siding, roofing, foundation repair, etc.). Income restrictions apply; contact BASEC for more information on qualifications.

For more information about qualifications for BASEC’s housing programs, please contact BASEC at (605) 635-6165.

BASEC PREQUALIFICATION

This pre-qualification is for home loan applicants. This will assist BASEC in determining eligibility for a loan.

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BASEC HOUSING LOAN INFORMATION

Below is a general explanation of the principle on which we base our terms regarding the HOME MORTGAGE LOAN PROGRAM.
It is BASEC’s goal to help give our borrowers the opportunity to purchase their own
home, regardless of credit scores and past financial mistakes. Since the loans BASEC tends to make are of a riskier nature, our interest rate may be higher than you would see at a bank or other traditional lender. Currently, our interest rate starts a 6%. We amortize the loan over 30 years (giving you a lower payment), and the note would
typically balloon (become due) after 5 years. It is our hope that after 5 years, our borrowers have had the time to rebuild their credit scores and improve their financial
situations so that they are able to obtain a loan from a traditional lender with better terms. If after 5 years, our borrowers are still unable to obtain traditional financing, we can consider refinancing the loan through BASEC.

Loan Fee Information

Calculate Mortgage

YOUTH OPPORTUNITY

BASEC has long been offering youth opportunity loans to residents in BASEC’s service area. In 2019, the program was redesigned to include the opportunity to start any kind of business. Youth ages 12-21 years old who reside in the BASEC service area are eligible to apply (exceptions can be made - please contact the office). Funds can be used to purchase equipment, inventory, etc. All applications will require a co-signer and a business plan. Youth opportunity loans are still available for those that are interested.

YOUTH OPPORTUNITY LOAN PROGRAM APPLICATION

This form is the first step in BASEC's Youth Opportunity application process.

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