Tuesday, September 12, 2023
Homan Hardware located in Faulkton, SD has recently expanded its retail store to help bring more products and services to Faulkton and the surrounding communities. Chad and Diana Homan started the hardware store back in 2014 but had been already offering a small variety of hardware items in their other business, Homan Welding, since 2007. They saw that the Faulkton area was in need of a full-service hardware and farm store to help keep more dollars locally spent. Therefore, Homan Hardware was created.
In addition to the hardware store, Chad operates the welding and repair business and raises cattle. Diana was a teacher at the local school before coming on full-time to help with managing and bookkeeping with both family businesses and the cattle operation. They have 3 young children who are growing up learning the trades of the businesses.
Chad and Diana find personal satisfaction in serving the community of Faulkton. The community showed their support for the Homans and before they knew it, they were running out of space at the previous hardware location. With the expansion, they were able to incorporate energy-efficient items into the building such as the heating and cooling system, windows, lighting, as well as better-insulated walls. Shortly after the move to their bigger location, Chad and Diana made the decision to expand once again and offer building materials, something that would not have been possible at their previous location. The overall mission of the business is to meet the needs of the agricultural, commercial, and homeowner sectors in the community while providing excellent customer service.
Once Chad and Diana decided to make plans to build a new location for the hardware store, they started looking for financing at different banks and lending agencies. They ended up getting a construction loan through a bank and were approved for a loan for permanent financing. Towards the end of construction, interest rates had risen substantially and they were concerned the permanent loan would no longer fit their needs. Chad and Diana began looking for other financing options and that is when they contacted NESDEC and two other economic development agencies. Having three lenders on a project can be a challenge but NESDEC and the other lenders were able to come up with a lending package that better suited the Homans. Diana stated, “Small communities like Faulkton strongly benefit from the support of economic development agencies because of the programs and funding made available to small businesses. Thank you, NESDEC, for your community and economic mindset.”
Category: Success Stories