First Savings Bank

This is a local bank offering SBA loan programs and financial services tailored to small businesses, including personalized support and flexible financing options.

You can walk in for general inquiries, but for SBA loan applications and consultations, scheduling an appointment is recommended to ensure dedicated assistance.

First Savings Bank's Beresford branch operates Monday through Friday with lobby hours of 8:30am to 4:30pm and drive-up hours of 8:00am to 5:00pm. Confirm current hours with the bank directly.

There are no fees to visit the branch; however, loan processing and application fees may apply depending on the services requested.

This bank primarily serves local residents and small business owners within the community, but non-residents may also be eligible for certain services.

A minimum personal credit score of 640 is generally preferred for guarantors applying for SBA loans.

The underwriting process typically takes between 30 to 60 days, depending on the completeness of documentation and loan complexity.

First Savings Bank's Beresford branch does not operate on weekends. Contact them Monday through Friday during business hours.

First Savings Bank is located in South Dakota — see the contact card for the full address. Most bank locations offer free on-site or nearby street parking for visitors. For exact directions, the entrance, and accessible parking, use the listed address or call ahead and staff can point you to visitor spaces.

This page is an independent directory listing for First Savings Bank, an SBA-participating bank. It is maintained by SBA Lenders USA to help borrowers compare lenders — not by First Savings Bank itself, which runs its own lending under its own ownership. If you work at First Savings Bank, you can claim this listing from this page to manage it.

The core details for First Savings Bank — name, location, contact, and lender type — are compiled from public records and reviewed periodically. Rates, programs, credit policies, and hours change often and are not guaranteed here, so always confirm the latest terms directly with First Savings Bank before applying. If you represent First Savings Bank, claim this listing to keep its information up to date.

You can reach First Savings Bank by phone at (605) 763-2009 or online at firstsavingsbanks.bank — the details are in the contact card on this page. For SBA loans specifically, ask for their business lending or SBA department. Treat this directory page as a starting point and confirm hours and contact details with First Savings Bank before relying on them.

Based on its approved SBA loans, First Savings Bank most often finances businesses in construction & contractors, hotels & lodging, general retail, restaurants & food service, manufacturing, and automotive repair & services. This reflects First Savings Bank's real SBA 7(a) and 504 lending history rather than a stated policy — it can still consider other industries and sets its own current preferences, so confirm with First Savings Bank which sectors it actively lends to before you apply.

SBA Express offers lines of credit and term loans up to $500,000 with a faster turnaround than standard 7(a) loans. Whether First Savings Bank participates in SBA Express depends on its specific SBA lending authority. Contact First Savings Bank and ask if it offers SBA Express and what the current limits and terms look like for your situation.

SBA Preferred Lender Program (PLP) status lets a lender approve loans in-house without sending each one to the SBA first, which usually means faster decisions. Many established banks hold PLP status, but it varies by institution. First Savings Bank can confirm its current PLP standing — ask before you apply if speed matters to you.

The SBA does fund start-ups, but many traditional lenders prefer at least two years of operating history and may ask newer ventures for a larger equity injection or stronger collateral. First Savings Bank's appetite for start-ups is set by its own credit policy. If you are early-stage or pre-revenue, ask First Savings Bank directly whether it considers start-up loans.

For SBA 7(a) and 504 commercial real estate loans, borrowers typically contribute around 10% to 20% as a down payment or equity injection, depending on the property and the deal. Exact requirements vary with your credit, the business, and the lender's policy. Ask First Savings Bank what down payment it expects for your specific commercial real estate purchase.

SBA 7(a) loans with terms under 15 years generally carry no prepayment penalty, while longer real estate loans can have one in the early years. Short-term working capital lines often have no penalty, but terms vary by lender. Review your loan agreement and ask First Savings Bank to spell out any prepayment penalties before you sign.

SBA loans can be used for a partner or owner buyout, including buying out an existing equity partner, when the deal is structured to meet SBA rules — for example, the remaining owner generally must stay actively involved. Approval depends on the specifics, so discuss your buyout plan with First Savings Bank to confirm it qualifies and how to document it.

A past personal bankruptcy does not automatically disqualify you from an SBA loan. Lenders look at how long ago it was discharged, the circumstances, and how your credit has recovered since. First Savings Bank weighs this case by case under its own policy, so be upfront about your history and ask First Savings Bank how it evaluates prior bankruptcies.