BROOKINGS First Bank & Trust, headquartered in Brookings, has been recognized by the U.S. Small Business Administration as the Fiscal Year 2023 top SBA 7(a) lender in South Dakota.
FB&T made nine loans totaling $15 million and supporting 193 jobs in the arts, entertainment and recreation; educational services, transportation: and warehousing. This is the second straight year that FB&T has won this award.
Its been a really, really neat thing for us, Brookings Market President Tom Fishback said of the second award. The type of success, we think the more were able to do things like this the better off our communities are. Its been a tremendous opportunity. I know our staff really likes having this ability, because our goal is to help people open up a business, expand the farm, sell the business to somebody that they want to. Its pretty neat to be a part of that.
They would range anywhere from five figures up to a couple million dollars, Fishback said of the nine loans. Just a little bit of background on how we manage it: A couple years ago we put a strong emphasis on doing what we can to help small businesses in our community. We spend a lot of time thinking about small businesses and how we can best assist them. Two FB&T bankers are dedicated to those efforts: Justin Schultz, director of SBA Lending, and Kevin Wagner, SBA Business Development officer.
We felt like we could utilize their talents with the SBA side of things, Fishback explained. What they do is help ensure that when a customer comes in and talks to a loan officer, we have an additional resource whos an expert when it comes to closing SBA opportunities.
Theyre not technically loan officers; they just help us add a couple more tools for small businesses, people just starting out, people who have been at it awhile, or even farm customers, we can help with SBA loans.
SBA likes FB&T loan types
As to what customers might be seeking these types of SBA loans, Fishback explained, Really theyre open to everyone: We do everything from restaurateurs all the way up to manufacturing. It just depends on whos looking for something. If you have a business that the owners trying to sell, you have some good employees who are interested in purchasing that business, but maybe dont have quite as much for a down payment, but through the SBA there are programs that can help create an opportunity for people to purchase that business without the traditional 20% down.
Were a preferred lender with the SBA; they like the types of credit were putting on the books. The default risk is awfully low. We try to make sure were doing good deals that make a difference.
For applicants who project passion, energy and commitment, its not as risky as it could be, Fishback explained. Small businesses in Brookings are succeeding because of SBA loans. As an SBA Preferred Lender, First Bank & Trust is pleased to have this option to help community businesses thrive. We are fully committed to the success of small businesses in Brookings. Our SBA loan offerings, along with our full suite of banking products for business owners, allow us to support businesses of all sizes.
He noted that Schultz and Wagner each bring well over 20 years of experience to what they do, in South Dakota and Minnesota. Its been just a wonderful resource for everyone. It helps the officers be confident when they talk to borrowers or potential borrowers; but then it also gives the borrowers another option when it comes to financing.
The South Dakota District Office of the SBA will honor FB&T and three other lenders with the Leadership in Lending Award at a virtual celebration at 10:30 a.m. on Jan. 10. The public is invited to join online at https://bit.ly/408JoPH.
Contact John Kubal at [email protected].
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