First Dakota receives SBA Lender Award


First Dakota receives SBA Lender Award

Sioux Falls–-The U.S. Small Business Administration South Dakota District Office is honoring four lenders for their commitment to small businesses in the fiscal year ending September 30, 2023, during a virtual celebration on Thursday, January 10, 2023, 10:30 a.m. CT.

“In Fiscal Year 2023, approximately $113 million of SBA guaranteed lending was made available to South Dakota businesses through a variety of SBA lending programs including 504, 7(a), and micro loans,” said Jaime Wood, SBA South Dakota District Director. “SBA partners directly with community and national banks, credit unions, and micro lender partners to provide needed capital for small business startup and growth. The SBA guarantee and decreased upfront fees helps the lenders and the borrowers to get to the “yes” at the lending table.” Wood added there is active participation in SBA loan programs statewide including in rural South Dakota.

SBA SD 2023 Leadership in Lending Award recipient:
• First Dakota National Bank is the third-party 504 lender award recipient with six loans totaling $45 million. A third-party lender financial institution partners with a Certified Development Company to provide up to 50% of the total project cost.

The 504 Loan Program provides long-term, fixed rate financing of up to $5 million for major fixed assets that promote business growth and job creation. 504 loans are available through Certified Development Companies, SBA's community-based partners who regulate nonprofits and promote economic development within their communities. CDCs are certified and regulated by the SBA.

Top 10 SBA 504 Third Partly Lenders FY2023
1) First Dakota National Bank
2) First International Bank & Trust
3) First Bank & Trust
4) Bankwest
5) First Premier Bank
6) Black Hills Community Bank
7) First National Bank
8) Dacotah Bank
9) American Bank & Trust
10) Frontier Bank

The microloan program provides loans up to $50,000 to help small businesses and certain not-for-profit childcare centers start up and expand. SBA provides funds to specially designated intermediary lenders, which are nonprofit community-based organizations with experience in lending as well as management and technical assistance. These intermediaries administer the Microloan program for eligible borrowers. GROW South Dakota is SBA’s Microloan intermediary in South Dakota. More information on SBA’s lending programs is available at https://www.sba.gov/funding-pr....