BHFCU Recognized For SBA Loans

​This credit union received the SD District Leadership Award for the highest number of SBA loans in the state. 

Black Hills Federal Credit Union (BHFCU) was recently honored to receive the 2023 South Dakota District Leadership Award from the U.S. Small Business Administration (SBA.) The award recognizes BHFCU as the lender making the highest number of SBA 7(a) loans in South Dakota.

​The 7(a) loan program is the SBA’s primary program for providing financial assistance to small businesses. BHFCU is a premier SBA lender, providing government-backed loans with local support. In 2023, BHFCU helped 27 South Dakota businesses secure $4.6 million in SBA 7(a) loans. This work supported 253 jobs ranging from manufacturing and construction to retail, accommodation, and food services.
 
“We are especially honored to be the only credit union recognized in our district. Our work with the SBA allows us to extend services to fit our members’ needs best,” explained Mike Murdy, BHFCU Business Lending Manager. “Together, we find solutions for our business members based on their unique situations. Reaching the finish line and seeing the appreciation from small business owners makes all the hard work worth it.”
 
BHFCU’s dedicated Business Lending team has helped hundreds of South Dakotans realize their dreams. The team serves a wide range of businesses, from small startups to large corporations, and specializes in finding solutions for each business’s unique situation.
 
“SBA partners directly with community and national banks, credit unions, and micro lender partners to provide needed capital for small business startup growth,” said Jaime Wood, SBA South Dakota District Director. “The SBA guarantee and decreased upfront fees helps the lenders and the borrowers to get to the ‘yes’ at the lending table.”
 
Established in Rapid City in 1941, Black Hills Federal Credit Union is a member-owned, not-for-profit financial cooperative serving more than 105,000 members. The community-chartered credit union has locations in Rapid City, Box Elder, Custer, Eagle Butte, Hot Springs, Pierre, Sioux Falls, Spearfish, Sturgis, and Wall, South Dakota; and Billings, Montana. For more information, visit bhfcu.com.