Beadle and Spink Enterprise Community (BASEC) just made its 500th loan and through its revolving loan program has loaned over $16 million dollars to improve the economic and housing climate of part of South Dakota since 1996. BASEC (named after the two counties it serves) has less than a 1 percent default rate and has made loans to all income levels with the majority being low to moderate income applicants. Some of the borrowers have had excellent credit histories and some not so good. Executive Director Lori Hintz feels the key to the low default rate besides the fact that great people live in the service area, is that when times get tough, they try to work out a plan that works for them, their cash flow and their situation.
