The First National Bank in Sioux Falls (SBA lending)
At a Glance
The honest South Dakota read is a three-desk race this bank currently edges: start here for the posture its page actually states, meet the others if the deal allows, and carry a published-terms quote since none of the three names a rate.
- Pricing
- Custom Pricing, Loan products; no fee to engage. The page publishes the programs and the posture rather than rates: 504, 7(a), and Microloan offered together, for flexible terms that may not meet traditional lending guidelines in its own words. The FOIA loan file puts it first in South Dakota's change-of-ownership table with 19 loans across the file's six years, narrowly over First Bank & Trust's 17 and First Interstate's 16, a lead reported as the close race it is.
- Best For
- Buyers of South Dakota businesses who want the state's most active desk, with the microloan lane in reach for the smallest add-on needs
- Track Record
- First in South Dakota's change-of-ownership table by two loans in a three-desk race.
- Type
- Bank (lends directly)
- Footprint
- A Sioux Falls, South Dakota national bank, per its own pages. It lends beyond the states it names, so one it does not name is worth asking about rather than ruling out.
- Approval Authority
- Claims no Preferred Lender status on its own pages, so plan on the agency reading the file after the bank does.
- A blog case study says the bank "is a preferred lender with the U.S. Small Business Administration", and the deal it describes is a 504 loan. The sentence names no program, so reading it as 7(a) delegation would be an inference rather than a claim. The SBA product page says nothing.
- Deal Size
- $500k to $5M.
- Publishes no floor. Most of this shelf gives a ceiling that is really the agency's own cap, and no minimum at all.
- Searcher Practice
- A general SBA lending desk, branch-driven.
- Published Terms
- 504, 7(a), and the Microloan program side by side, with a stated flexible-terms posture; no rates published.
- Roadmap Stages
- 3. Set Up & Fund the Search5. Diligence & Close the Deal
Pros and Cons
Pros
- First in South Dakota's change-of-ownership table in the FOIA loan file, narrowly over two close rivals
- Runs the Microloan program beside the 7(a) and 504, a lane most acquisition desks skip
- States the flexible-terms posture for deals outside traditional guidelines on its own page
- A Sioux Falls national bank with a local commercial team as the path in
Cons
- The state lead is two loans over one rival and three over another; South Dakota is a close race
- No published rates, maximums, or timelines
- A South Dakota footprint; a deal elsewhere is a different conversation
- No searcher-community footprint to weigh against its own claims
What Searchers Say
The three programs and the flexible-terms posture are its own page's. The FOIA loan file independently places it first in South Dakota's change-of-ownership table by two loans over First Bank & Trust and three over First Interstate, reported here as the close race it is.
How to Approach
The First National Bank in Sioux Falls (SBA lending) is a bank, so this is how that kind of lender comes in, what it weighs, and how to arrive ready.
The Typical Arc
- A prequalification on you and the target, often from the first email.
- A full application and the bank's own underwrite of the deal.
- A term sheet, then closing on the SBA's timeline, commonly two to four months.
What It Weighs
- Whether the business's cash flow covers the debt with room to spare.
- Your experience relative to the business you are buying.
- Your equity injection and how clean the financials are.
How to Prepare
- Model the payment and coverage before you call. SBA Acquisition Calculator
- Underwrite the specific deal end to end. Underwrite a Deal
- Show where every dollar comes from and goes. Sources & Uses Builder