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Phone: 602-745-7200
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Black Hills Federal Credit Union Leads in Small Business Lending in South Dakota

Advisory Date: Thursday, September 6, 2012
Release Date: Tuesday, July 31, 2012
Release Number: 2095

Black Hills Federal Credit Union Leads in Small Business Lending in South Dakota

SBA Guarantees Over $28 Million in 7(a) Loans in South Dakota

Sioux Falls-The SBA South Dakota District Office announced today the top performing lenders based on total 7(a) loan approvals and dollar value for the first 9 months of FY 12, ending June 30, 2012.  In South Dakota, the top three banks for the number of approved loans are Black Hills FCU, 20 loans for $1.57 million, Wells Fargo, 17 loans for $2.98; and Great Western Bank 16 loans for $1.67 million.

As of June 30, 2012, 114 total SBA 7(a) loans have been approved in South Dakota for $28.4 million.

“Over the last couple of years SBA has worked with lenders on identifying new ways to provide access to capital to small businesses across South Dakota”, said John Brown II, SBA District Director.  “This year, we have reached out to new lenders in more counties to promote our simplified loan programs and to encourage a sustained working relationship with the SBA.”

Since January 2011, SBA has been approving guaranteed loans at a steadily growing pre-recession pace, in dollar terms.  This has continued in each of the first three quarters of FY 2012. 

Each quarter has produced more loans and more dollars loaned than the previous quarter. In the quarter just completed last week, we’ve averaged 1,120 loan approvals and more than $450 million per week nationally. 

Overall, the pace of SBA loan-making is a healthy sign for the economy and the credit markets and is one of the foundations for the infrastructure necessary to deliver financing to small businesses trying to establish themselves and create new jobs for Americans. 

“While many of our competitors focus on dollar volume, Black Hills Federal Credit Union here in Rapid City continues to emphasize service to our business members, said Kevin Tiede, Business Loan Manager, Black Hills Federal Credit Union. “The direct result is we continue to see more small to medium size businesses come to us with their lending needs.  As the demand for our loan products continues to grow, so does the need for the various SBA programs.” 

Money secured through Basic 7(a) SBA loans can be used for a variety of business purposes including funding for working capital, machinery and equipment, furniture and fixtures, land and buildings, tenant improvements under lease agreements, and, under special conditions, refinancing prior debt. Basic 7 (a) SBA loans can run for maturity periods of up to 10 years for working capital and generally up to 25 years for fixed asset financing.
SBA loans under the 7(a) program are made to existing small businesses as well as start-up companies through commercial lenders. Visit www.sba.gov for more details or you may also speak directly with a local SBA representative by calling (605) 330-4243.

Top Ten South Dakota SBA Lenders Based on Number of 7(a) Guaranteed Loans - FY12  (October 1, 2011 to June 30, 2012)

 

South Dakota Lenders Ranking

# of Loans

Total $ Value

BLACK HILLS FCU

20

1,572,000.00

WELLS FARGO BANK NATL ASSOC

17

2,977,800.00

GREAT WESTERN BANK

16

1,667,200.00

FIRST NATIONAL BANK

7

2,150,000.00

FIRST INTERSTATE BANK

6

1,850,000.00

U.S. BANK NATIONAL ASSOCIATION

3

2,277,200.00

FIRST PREMIER BANK

3

1,158,000.00

FIRST STATE BANK OF ROSCOE

2

3,269,300.00

 1ST NATL BK IN SIOUX FALLS

2

2,879,100.00

FIRST BANK & TRUST

2

920,800.00

 
 

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