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<edgarSubmission>

    <schemaVersion>X0708</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

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        <cik>0001624322</cik>
        <entityName>Business First Bancshares, Inc.</entityName>
        <issuerAddress>
            <street1>500 LAUREL STREET</street1>
            <street2>SUITE 101</street2>
            <city>BATON ROUGE</city>
            <stateOrCountry>LA</stateOrCountry>
            <stateOrCountryDescription>LOUISIANA</stateOrCountryDescription>
            <zipCode>70801</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>225-248-7600</issuerPhoneNumber>
        <jurisdictionOfInc>LOUISIANA</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Corporation</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>David</firstName>
                <middleName>R.</middleName>
                <lastName>Melville, III</lastName>
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            <relatedPersonAddress>
                <street1>500 Laurel Street</street1>
                <street2>Suite 101</street2>
                <city>Baton Rouge</city>
                <stateOrCountry>LA</stateOrCountry>
                <stateOrCountryDescription>LOUISIANA</stateOrCountryDescription>
                <zipCode>70801</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
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            <relatedPersonName>
                <firstName>Gregory</firstName>
                <lastName>Robertson</lastName>
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                <stateOrCountry>LA</stateOrCountry>
                <stateOrCountryDescription>LOUISIANA</stateOrCountryDescription>
                <zipCode>70801</zipCode>
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                <lastName>Strong</lastName>
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                <stateOrCountryDescription>LOUISIANA</stateOrCountryDescription>
                <zipCode>70801</zipCode>
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            <relatedPersonName>
                <firstName>Carol</firstName>
                <middleName>M.</middleName>
                <lastName>Calkins</lastName>
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                <street2>Suite 101</street2>
                <city>Baton Rouge</city>
                <stateOrCountry>LA</stateOrCountry>
                <stateOrCountryDescription>LOUISIANA</stateOrCountryDescription>
                <zipCode>70801</zipCode>
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        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>George</firstName>
                <middleName>W.</middleName>
                <lastName>Cummings, III</lastName>
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                <street2>Suite 101</street2>
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                <stateOrCountry>LA</stateOrCountry>
                <stateOrCountryDescription>LOUISIANA</stateOrCountryDescription>
                <zipCode>70801</zipCode>
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        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Ricky</firstName>
                <middleName>D.</middleName>
                <lastName>Day</lastName>
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                <zipCode>70801</zipCode>
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        <relatedPersonInfo>
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                <lastName>Ducrest</lastName>
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                <stateOrCountry>LA</stateOrCountry>
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        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Mark</firstName>
                <middleName>P.</middleName>
                <lastName>Folse</lastName>
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                <street1>500 Laurel Street</street1>
                <street2>Suite 101</street2>
                <city>Baton Rouge</city>
                <stateOrCountry>LA</stateOrCountry>
                <stateOrCountryDescription>LOUISIANA</stateOrCountryDescription>
                <zipCode>70801</zipCode>
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            <relatedPersonName>
                <firstName>William</firstName>
                <middleName>G.</middleName>
                <lastName>Hall</lastName>
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                <street1>500 Laurel Street</street1>
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                <zipCode>70801</zipCode>
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                <zipCode>70801</zipCode>
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            <relatedPersonName>
                <firstName>Rolfe</firstName>
                <middleName>H.</middleName>
                <lastName>McCollister, Jr.</lastName>
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                <street1>500 Laurel Street</street1>
                <street2>Suite 101</street2>
                <city>Baton Rouge</city>
                <stateOrCountry>LA</stateOrCountry>
                <stateOrCountryDescription>LOUISIANA</stateOrCountryDescription>
                <zipCode>70801</zipCode>
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            <relationshipClarification></relationshipClarification>
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        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Patrick</firstName>
                <middleName>E.</middleName>
                <lastName>Mockler</lastName>
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            <relatedPersonAddress>
                <street1>500 Laurel Street</street1>
                <street2>Suite 101</street2>
                <city>Baton Rouge</city>
                <stateOrCountry>LA</stateOrCountry>
                <stateOrCountryDescription>LOUISIANA</stateOrCountryDescription>
                <zipCode>70801</zipCode>
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        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>David</firstName>
                <middleName>A.</middleName>
                <lastName>Montgomery, Jr.</lastName>
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            <relatedPersonAddress>
                <street1>500 Laurel Street</street1>
                <street2>Suite 101</street2>
                <city>Baton Rouge</city>
                <stateOrCountry>LA</stateOrCountry>
                <stateOrCountryDescription>LOUISIANA</stateOrCountryDescription>
                <zipCode>70801</zipCode>
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            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
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        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Arthur</firstName>
                <middleName>J.</middleName>
                <lastName>Price</lastName>
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                <street1>500 Laurel Street</street1>
                <street2>Suite 101</street2>
                <city>Baton Rouge</city>
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    <offeringData>
        <industryGroup>
            <industryGroupType>Commercial Banking</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>Decline to Disclose</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06b</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2026-04-02</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isDebtType>true</isDebtType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>250000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>85000000</totalOfferingAmount>
            <totalAmountSold>85000000</totalAmountSold>
            <totalRemaining>0</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>45</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
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                <dollarAmount>0</dollarAmount>
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            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
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        <useOfProceeds>
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                <dollarAmount>0</dollarAmount>
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            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Business First Bancshares, Inc.</issuerName>
                <signatureName>/s/ Gregory Robertson</signatureName>
                <nameOfSigner>Gregory Robertson</nameOfSigner>
                <signatureTitle>EVP and Chief Financial Officer</signatureTitle>
                <signatureDate>2026-04-14</signatureDate>
            </signature>
        </signatureBlock>
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</edgarSubmission>
