Fields Fish & Game Receives REED Fund Loan To Help Set up Shop in South Dakota
25 Aug 2022
Thanks to assistance from REED Fund, Fields Fish & Game has been a newly established business in De Smet, South Dakota since it opened in June of 2021. Fields Fish & Game received a loan from REED Fund in order to meet their inventory demand as their store and customer base rapidly grew.
Fields Fish & Game had already received an initial start-up loan, but then the store began to see an even larger influx of customers. That’s when the owners decided to contact REED Fund for assistance with growing their inventory and they were able to secure a second loan. Obtaining a loan from REED Fund came at the recommendation of De Smet's Economic Development Corporation.
How Fields Fish & Game Secured a REED Fund Loan
David Fields, co-owner of Fields Fish & Game, said that the process of obtaining the loan was a great experience.
“Our POC, Angie, was very helpful in walking us through everything that was needed and making suggestions on how to best present our information for a smooth process,” Fields said. “When we finally got to meet her in person when she delivered our check, she was just as nice in person as over the phone and email.”
In order to receive the loan from REED Fund, Fields provided projections for store sales and expenses plus any past sales and expenses. Because he had no prior experience with running a business like Fields Fish & Game, it took some time operating the store before he could get a firm grasp on what was needed. Fields said that it was easy to provide those numbers once the company had been in business for a while and that coming up with projections before being in business is similar to a guessing game.
Fields also expressed his gratitude for REED Fund and the loan.
"Fields Fish & Game would like to extend a heartfelt thanks to REED Fund for providing us with a loan to purchase additional much-needed inventory for us to provide to our customers,” Fields said. “Our store is already chock-full of new inventory that our customers demand, and that wouldn't have been possible without this loan."
About Fields Fish & Game
The De Smet-based store offers sporting goods including fishing and hunting equipment such as fishing tackle, live bait, guns, ammunition, archery equipment, camping supplies, and more. Products are also offered online.
Conveniently, the store is also a UPS drop-off location. It is located at the intersection of highways 14 and 25 where the building can be found behind Dakotaland Federal Credit Union.
On April 9th and 10th of 2022, Fields Fish & Game hosted the very first De Smet Outdoor Show. Fields said that the event was a “rousing success” according to the vendors.
Fields Fish & Game continues its successful journey as a sporting goods store.
To receive more information about loans for your business, get in touch with REED Fund at (605) 256-4536.