South Dakota SBA lending, from federal loan records
SBA Lenders Actively Funding Businesses in South Dakota
Since FY2020, 105 lenders have funded 1,456 SBA loans worth $777M for businesses in South Dakota. Borrowers reported 12,825 jobs supported by those loans. Below is who actually writes them, how big they run, and which South Dakota businesses get funded.
Most active SBA lenders in South Dakota
Ranked by loans funded for South Dakota projects since FY2020, not by advertising budget. A lender headquartered elsewhere that funds heavily in South Dakota beats a local name that rarely writes SBA loans.
| Lender | Program | SD loans since FY2020 | Since FY2025 | Median loan | Median rate |
|---|---|---|---|---|---|
| Dakota Business Finance | 504 (CDC) | 299 | 75 | $451K | n/a |
| Ally Dakota Development, Inc. | 504 (CDC) | 167 | 34 | $378K | n/a |
| The First National Bank in Sioux Falls | 7(a) | 115 | 32 | $150K | 7.25% |
| Black Hills FCU | 7(a) | 101 | 9 | $74K | 7.75% |
| South Dakota Development Corporation | 504 (CDC) | 101 | 33 | $634K | n/a |
| First Bank & Trust | 7(a) | 72 | 32 | $350K | 8.97% |
| U.S. Bank, National Association | 7(a) | 59 | 24 | $35K | 9.24% |
| First Interstate Bank | 7(a) | 49 | 8 | $248K | 7.5% |
| First National Bank | 7(a) | 38 | 2 | $155K | 4.97% |
| Highmark FCU | 7(a) | 38 | 3 | $79K | 5.14% |
| Wells Fargo Bank National Association | 7(a) | 37 | 2 | $15K | 9.25% |
| Pioneer Bank & Trust | 7(a) | 29 | 6 | $100K | 7.25% |
| Dacotah Bank | 7(a) | 25 | 3 | $300K | 5.25% |
| Levo Federal Credit Union | 7(a) | 23 | 17 | $40K | 9% |
| The Huntington National Bank | 7(a) | 15 | 6 | $225K | 10.25% |
| First PREMIER Bank | 7(a) | 14 | 1 | $120K | 6% |
| Minnwest Bank | 7(a) | 13 | 5 | $300K | 6.25% |
| Northeast Bank | 7(a) | 13 | 8 | $70K | 10.75% |
| First Dakota National Bank | 7(a) | 12 | 3 | $374K | 6.5% |
| United Midwest Savings Bank National Association | 7(a) | 11 | 3 | $150K | 9.75% |
| BayFirst National Bank | 7(a) | 11 | 1 | $150K | 11.25% |
| Security Savings Bank | 7(a) | 10 | 0 | $73K | 4.5% |
| Live Oak Banking Company | 7(a) | 10 | 4 | $1.6M | 8.12% |
| First Savings Bank | 7(a) | 9 | 3 | $150K | 5.25% |
| Celtic Bank Corporation | 7(a) | 8 | 1 | $150K | 10.12% |
504 loans are written by Certified Development Companies alongside a bank first mortgage. The 504 file reports no interest rate, so CDC rows show none.
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Start your funding profile →How big South Dakota SBA loans run
Share of South Dakota 7(a) loans by approval size, next to the national split. If your ask sits in a common band, it is the kind of loan lenders here fund every week.
| 7(a) loan size | SD | US |
|---|---|---|
| Under $150K | 46.9% | 40.4% |
| $150K to $500K | 31.1% | 31.9% |
| $500K to $1M | 12.1% | 12.9% |
| $1M and up | 9.9% | 14.9% |
Who gets funded in South Dakota
Business age on South Dakota 7(a) loans. 15.6% funded a change of ownership, against 11.1% nationally. Buying a business? See the acquisition lender shortlist. Starting one? See startup-friendly lenders.
| Business stage | SD | US |
|---|---|---|
| Established, more than 2 years | 37.8% | 55.2% |
| New, 2 years or less | 22.2% | 16.9% |
| Startup, loan opens the business | 24.4% | 16.8% |
| Change of ownership (buying a business) | 15.6% | 11.1% |
Industries South Dakota SBA lenders fund most
Share of all South Dakota SBA loans by industry, and how that compares with the national mix.
| Industry | SD loans | Share | Compared with US |
|---|---|---|---|
| Restaurants and hotels | 233 | 16% | 1.3x the national share |
| Retail | 180 | 12.4% | in line with national |
| Construction | 172 | 11.8% | in line with national |
| Personal and repair services | 158 | 10.9% | in line with national |
| Healthcare | 137 | 9.4% | in line with national |
| Manufacturing | 108 | 7.4% | in line with national |
| Professional services | 74 | 5.1% | 0.6x the national share |
| Transportation and trucking | 71 | 4.9% | in line with national |
The most common specific business types funded in South Dakota: full-service restaurants (55), limited-service restaurants (47), hotels (except casino hotels) and motels (47), snack and nonalcoholic beverage bars (30), general freight trucking, local (29), landscaping services (26).
Where in South Dakota the loans go
| County | SBA loans since FY2020 | Share of state |
|---|---|---|
| Minnehaha | 476 | 33% |
| Pennington | 244 | 17% |
| Lincoln | 180 | 12% |
| Lawrence | 72 | 5% |
| Codington | 51 | 4% |
| Brookings | 48 | 3% |
| Meade | 45 | 3% |
| Brown | 36 | 2% |
7(a) or 504 in South Dakota
40% of South Dakota SBA loans are 504 loans, against 12% nationally. A 504 loan funds owner-occupied real estate or major equipment, with a median of $444K here. A 7(a) loan covers almost anything else, including working capital and buying a business. The busiest 504 lenders in South Dakota:
- Dakota Business Finance: 299 504 loans, median $451K
- Ally Dakota Development, Inc.: 167 504 loans, median $378K
- South Dakota Development Corporation: 101 504 loans, median $634K
South Dakota SBA lending by year
| Fiscal year | 7(a) loans | 504 loans | Dollars |
|---|---|---|---|
| FY2020 | 146 | 90 | $96M |
| FY2021 | 146 | 140 | $156M |
| FY2022 | 106 | 82 | $93M |
| FY2023 | 116 | 56 | $96M |
| FY2024 | 139 | 67 | $112M |
| FY2025 | 144 | 89 | $149M |
| FY2026 (through June 30, 2026) | 78 | 57 | $75M |
The SBA fiscal year runs October through September.
Common questions
Who is the most active SBA lender in South Dakota?
By funded loans since FY2020, Dakota Business Finance leads South Dakota with 299 loans through the 504 program. The most active 7(a) lender is The First National Bank in Sioux Falls, with 115.
How big is a typical SBA loan in South Dakota?
The median 7(a) loan in South Dakota is $150K, and the middle half runs from $59K to $404K. The median 504 loan is $444K. Nationally the 7(a) median is $200K.
What interest rate do South Dakota SBA borrowers get?
The median starting rate on South Dakota 7(a) loans since FY2020 is 7.75%, against 9.25% nationally. 53% of those loans carry a variable rate, which moves with the prime rate.
Can a startup get an SBA loan in South Dakota?
Yes. 47% of South Dakota 7(a) loans with a reported business age went to startups or businesses two years old or younger, against 34% nationally. Lenders still expect a solid plan, owner equity and usually collateral.
Sources and limits. Derived from U.S. Small Business Administration 7(a) and 504 FOIA loan-level records, FY2020 through June 30, 2026, for projects located in South Dakota. Cancelled approvals are excluded. Jobs supported are as reported by borrowers. Figures describe past lending activity only and are not offers, quotes, or qualification decisions. Big Brain Funding is not a lender and is not affiliated with any lender listed.