SBA Lending Fuels Small Business Growth
The Greater Sioux Falls Chamber of Commerce is proud to spotlight our Visionary Members—community benefactors that make the extra investment to help make our region a prosperous place. These members drive innovation, contribute to economic growth and uplift our community, not only shaping their respective industries but also playing a vital role in creating a vibrant, forward-thinking Sioux Falls. By sharing their stories, the Chamber aims to celebrate their achievements, inspire other local businesses and showcase the diverse strengths of our business community.
For many small business owners, finding the right financing can feel like one of the biggest hurdles to growth. That’s where Small Business Administration (SBA) lending comes in. Designed to be flexible and accessible, SBA loans can help make opportunities more attainable, whether you’re launching a new venture, expanding operations, or planning for the future.
Unlike traditional financing, SBA loans are backed by the Small Business Administration, which opens the door for more business owners to qualify and helps reduce risk for lenders. This often means lower upfront costs, longer repayment terms, and more manageable monthly payments. For many, it’s the difference between putting a plan on hold and moving it forward with confidence.
L to R: Kevin Wagner, Jen Frederiksen, Justin Schultz, and Laura Wyse
First Bank & Trust approaches SBA lending with a focus on relationships and guidance. Rather than a one-size-fits-all process, the team works closely with business owners to understand their goals and identify financing options that truly fit their needs. From the first conversation to closing, the goal is to make the experience straightforward and easy to understand.
That hands-on approach is something Justin Schultz, Director of SBA Lending, is especially passionate about. Over the past several years, he has helped grow the bank’s SBA program with a clear purpose: to make it easier for small business owners to access the capital they need to succeed.
“We want business owners to feel confident in the process and understand how financing can support their long-term goals,” Schultz shared. “It’s about more than just a loan. It’s about helping bring ideas to life and supporting the communities we serve.”
That focus has led to meaningful growth. Today, First Bank & Trust is the top SBA 7(a) lender in South Dakota and ranks among the top 10 lenders in Minnesota. Schultz credits this success to a strong team, trusted relationships, and a shared commitment to helping business owners navigate each stage of growth.
As an SBA Preferred Lender, First Bank & Trust can also move more efficiently through the approval process. While SBA loans may involve a bit more documentation upfront, the overall experience is often very similar to conventional lending, and the added flexibility can make it well worth the effort.
Preparation plays an important role, too. Kevin Wagner, SBA Business Development Officer, encourages business owners to have a clear understanding of their financial projections and the “why” behind them.
“Knowing your numbers and being able to explain past performance can go a long way,” Wagner said. “It helps create a stronger plan for where you want to go next.”
He also notes a growing trend of business owners expanding through acquisitions, particularly within related industries. When supported by strong financials, these opportunities can create efficiencies and position businesses for long-term success.
SBA lending continues to play an important role in helping small businesses pursue these kinds of opportunities. By combining government-backed support with local expertise, it provides a pathway for growth that might not otherwise be possible.
For First Bank & Trust, that work is part of a larger commitment that spans more than 140 years. As a family- and employee-owned community bank, the focus has always been on building relationships, supporting local businesses, and helping communities thrive.
Today, that same mindset continues, offering not only SBA lending but also a full range of business banking, cash management, and wealth solutions to support businesses at every stage.
At the end of the day, it’s about giving business owners the tools, guidance, and confidence to take the next step, whatever that may look like for them.
