The U.S. Small Business Administration’s South Dakota District Office is honoring four lenders for their commitment to small businesses in the fiscal year ending September 30, 2022.
“In Fiscal Year 2022, approximately $117 million of SBA guaranteed lending was made available to South Dakota businesses,” said Jaime Wood, South Dakota District Director. “The role our community banks, credit unions, and micro lender partners play in small business startup and growth is critical as we navigate the economy forward in a post-pandemic environment.”
The 2022 Leadership in Lending Award recipients were First National Bank, Black Hills Federal Credit Union and Highmark Federal Credit Union; First Bank & Trust; and Dakota Business Finance. First Bank & Trust has an office in Watertown.
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 lenders. These intermediaries administer the Microloan program for eligible borrowers. GROW South Dakota is SBA’s Microloan intermediary in South Dakota.
