South Dakota SBA lenders have record-setting fiscal year

11/29/2011

Lenders in South Dakota were recently recognized for their Small Business Administration lending efforts, the Hot Springs Star reports.

According to the SBA's District Office in South Dakota, state lenders doled out 62 loans under its CDC/504 loan program, totaling $32 million during the most recent fiscal year - the largest overall dollar amount in the state's history.

In all, 24 lenders granted 504 loans to their customers during FY 2011. Sturgis-based Black Hills Community Economic Development led the way with more than $14 million in approvals. BHCED is comprised of business and civic leaders from 15 western South Dakota communities, and has been financing 504 loans since 1982, according to its website.

Sioux Falls-based Dakota Business Finance was hailed as the largest volume SBA lender in the state for the most recent fiscal year, dispensing 25 loans totaling more than $5.5 million. While participating lenders typically provide 50 percent of loan financing, DBF offers only 40 percent, with the business owner contributing the remaining 10 percent via equity or cash, it notes on its website.