First Bank & Trust
First Bank & Trust is an active SBA lender in the United States, a bank offering SBA-guaranteed small-business loans. Currently rated 3.3 stars across 34 Google reviews.
About First Bank & Trust
First Bank & Trust offers comprehensive SBA lending services tailored to small and medium-sized businesses seeking financial support for growth, expansion, or operational needs. With a focus on personalized service, they provide SBA 7(a) loans, which are ideal for a variety of purposes including working capital, equipment purchase, and real estate acquisition. Their experienced team guides clients through the application process to ensure a smooth experience, leveraging their strong local presence in Brookings, SD. The bank supports businesses across diverse industries, emphasizing flexible financing options and competitive rates. Whether you're a startup or an established enterprise, First Bank & Trust is committed to helping you achieve your business goals with tailored lending solutions and expert advice. Their commitment extends to fostering long-term relationships, ensuring clients receive ongoing support even after loan approval. This bank is well-versed in SBA programs and offers a range of financial products designed to meet the unique needs of their community and beyond.
Common questions about First Bank & Trust
What is this place and what can I find here?
This is a commercial bank offering SBA loan programs, including 7(a) loans, to support small and medium-sized businesses with financing solutions tailored to their needs.
Do I need an appointment or can I walk in?
It's recommended to schedule an appointment to ensure dedicated time with a loan officer, but walk-ins are also welcome during business hours.
What are the hours of operation?
First Bank & Trust is open Monday through Friday from 7:30 a.m. to 6:00 p.m. and Saturday from 8:00 a.m. to 12:00 p.m.; please confirm current hours with the bank.
Is there a fee to use this?
There are no fees to visit or consult; fees are associated with loan processing and closing, which vary based on the loan terms.
Who is this open to — anyone, or only residents/members?
This bank primarily serves local residents and businesses in the Brookings area, but also supports regional clients seeking SBA financing.
What minimum personal credit score does this bank look for in a guarantor?
A minimum personal credit score of 640 is generally required, though higher scores improve approval chances.
How long does the traditional underwriting process take from start to close?
The underwriting process typically takes 30 to 45 days, depending on the completeness of application documents and loan complexity.
Is this open on weekends?
Yes, First Bank & Trust is open on Saturday from 8:00 a.m. to 12:00 p.m., though you should confirm that SBA lending staff are available on Saturdays.
How do I get there and where do I park?
First Bank & Trust is located at the address listed on this page — 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.
Who owns or operates this listing?
This page is an independent directory listing for First Bank & Trust, an SBA-participating bank. It is maintained by SBA Lenders USA to help borrowers compare lenders — not by First Bank & Trust itself, which runs its own lending under its own ownership. If you work at First Bank & Trust, you can claim this listing from this page to manage it.
How current is the information on this page?
The core details for First Bank & Trust — 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 Bank & Trust before applying. If you represent First Bank & Trust, claim this listing to keep its information up to date.
How do I contact this listing directly?
You can reach First Bank & Trust at (800) 843-1552 or submit an inquiry through their online contact form at https://security.bankeasy.com/forms/contactus.aspx. For SBA loans, ask to speak with their business lending or SBA department.
What core industries does this commercial bank traditionally choose to finance?
Like most SBA lenders, First Bank & Trust can finance a broad range of small businesses — common categories include professional services, healthcare practices, restaurants and franchises, retail, light manufacturing, and commercial real estate. Each bank sets its own industry preferences and may avoid sectors it considers higher risk. Ask First Bank & Trust directly which industries it actively lends to before you apply.
Can I apply for an SBA Express line of credit at this branch?
SBA Express offers lines of credit and term loans up to $500,000 with a faster turnaround than standard 7(a) loans. Whether First Bank & Trust participates in SBA Express depends on its specific SBA lending authority. Contact First Bank & Trust and ask if it offers SBA Express and what the current limits and terms look like for your situation.
Does this bank have Preferred Lender Provider status with the government?
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 Bank & Trust can confirm its current PLP standing — ask before you apply if speed matters to you.
Are start-up companies eligible for financing at this traditional institution?
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 Bank & Trust's appetite for start-ups is set by its own credit policy. If you are early-stage or pre-revenue, ask First Bank & Trust directly whether it considers start-up loans.
What are the typical down payment expectations for commercial real estate acquisitions?
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 Bank & Trust what down payment it expects for your specific commercial real estate purchase.
Does this bank impose prepayment penalties on short-term working capital facilities?
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 Bank & Trust to spell out any prepayment penalties before you sign.
Can I use loan proceeds from this bank to buy out an existing equity partner?
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 Bank & Trust to confirm it qualifies and how to document it.
Will historical personal bankruptcies automatically disqualify my loan application here?
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 Bank & Trust weighs this case by case under its own policy, so be upfront about your history and ask First Bank & Trust how it evaluates prior bankruptcies.