Black Hills FCU Helps Support South Dakota's Small Businesses
March 9, 2022
When you join Black Hills Federal Credit Union, you become a valued member-owner who can benefit from our competitive rates and array of products and services designed to improve your life.
Rapid City, SD - Black Hills Federal Credit Union (BHFCU) was recently honored to receive the 2021 SBA 7(a) Volume Leader Award from the U.S. Small Business Administration (SBA.) The award recognizes BHFCU as the lender originating the most SBA 7(a) loans in South Dakota from September 2020 to September 2021.
The 7(a) loan program is SBA’s primary program for providing financial assistance to small businesses. BHFCU is a premier SBA lender, providing government-backed loans with local support. Between September 2020 and September 2021, BHFCU helped South Dakota businesses secure $7.5 million in SBA 7(a) loans.
“BHFCU is proud to partner with the SBA to make business loans possible that might otherwise not come to fruition,” said Saul Schick, business lending manager. “We live the credit union philosophy of people helping people by lending to small businesses and start-ups helping to boost the economic growth of our communities and the state of South Dakota.”
BHFCU’s dedicated team of eight Business Lenders has helped hundreds of South Dakota businesses realize their dreams. Serving a wide range of businesses, from small start-ups to large corporations, the BHFCU team specializes in finding solutions for each business’s unique situation.
“SBA’s lender relationships are among the most important tools we have to help small businesses start, grow, and succeed,” said Jaime Wood, SBA South Dakota district director. “SBA guarantees the loans, but ultimately it is the banks, the credit unions, and the communitybased lenders, who put capital in the hands of business owners.”
Established in Rapid City in 1941, Black Hills Federal Credit Union is a member-owned, not-forprofit financial cooperative serving more than 85,000 members. The community-chartered credit union has locations in Rapid City, Custer, Eagle Butte, Hot Springs, Pierre, Sioux Falls, Spearfish, Sturgis, and Wall, South Dakota. For more information, visit bhfcu.com.