Business Briefs

Sioux Falls based Expansion Capital Group (ECG) has achieved a funding milestone, reaching its billionth dollar in support of the expansion of America’s small businesses.

Since inception in 2013, ECG has provided services to over 20,000 small businesses across multiple industries nationwide. The company works directly with small business owners and with hundreds of referral partners. They utilize proprietary data, analytics and systems to provide access and capital in a timely manner.

ECG’s core solution, a six to 11-month working capital product, meets the needs of small business owners that are not in a position to wait for a traditional bank loan.

Chief Strategy Officer Tim Mages said, “During the last three years, inflationary pressures combined with a post-covid economy have negatively impacted many hardworking small business owners. ECG has continued to be a reliable partner and a key resource as business owners navigate these headwinds.”

A&B Business Solutions has acquired Robert Sharp and Associates (RSA), a Rapid City-based advertising and marketing agency.

A&B Business is a recognized leader in the office solutions industry, with 14 locations and a strong presence across 6 states in the Midwest. They offer copiers, printers, managed print services, specialization in IT security and support, office furniture and supplies, purified water, coffee products and more. A&B Business also contains a group of finance companies, providing ease of funding for all its clients. The acquisition of RSA adds another dimension to their diverse portfolio.

“This strategic acquisition aligns seamlessly with our commitment to delivering top-notch marketing and office solutions to our customers,” said Dennis Aanenson, owner of A&B Business and RSA. “The collaborations between our companies will enhance our ability to provide comprehensive services, and we look forward to leveraging our expanded portfolio to benefit both existing and new customers.

Levo Credit Union has expanded its service area to 29 counties stretching along the I-29 corridor from Sioux City, Iowa to Fargo, North Dakota.

Levo has served four counties around Sioux Falls since 1934: Minnehaha, Lincoln, Turner and McCook. The expansion of its service area means that individuals, businesses and legal entities in 25 additional counties are now eligible for membership in South Dakota’s oldest credit union.

“Levo means ‘to lift up’, and we are excited to lift up an even larger group of people with our great services, products, rates, and resources,” said Fran Sommerfeld, President/ CEO of Levo.

To expand its field of membership, a credit union must file an extensive application demonstrating to the National Credit Union Administration (NCUA) that it will bring value to the new community it wishes to serve. Levo’s new field of membership includes counties in eastern South Dakota, southeast North Dakota, northwest Iowa, and west central Minnesota. Currently, the expanded area can access services through online applications. Eventually Levo plans to open branches in several communities.

Sioux Falls-based Midwestern Mechanical, Inc. transitioned to a fully employee-owned entity, as of Dec. 31, 2023. By establishing an Employee Stock Ownership Plan (ESOP), Midwestern Mechanical solidified its commitment to its employees, corporate stewardship and community investment.

Founded in 1983, Midwestern Mechanical has grown to be a regional leader in plumbing, fire protection and HVAC services for residential, commercial and industrial clients. Today, they employ 330 people at locations in Sioux Falls, Rapid City, Sioux City and Spencer, Iowa.

CEO and President Ken Amundson said the company had been working toward an ESOP for more than a decade. The move reflects a belief in employees’ ability to drive future success, ensuring long-term viability for the company and creating substantial financial security for employees.

“This move not only rewards the dedication and hard work of employees but also ensures that the legacy of Midwestern Mechanical will continue to thrive under the stewardship of those who have contributed the most to its success,” said company founder Dwayne Klarenbeek.