1,054 SBA loans worth $591.2M went to South Dakota businesses between October 2021 and June 2026, from 88 lenders. First Bank & Trust made the most 7(a) loans, 73 or 11% of the state's total, and the ten most active lenders made 65%. The median 7(a) loan was $150,000, below the national median of $158,000. Restaurants and hotels was the most financed industry, at 17% of loans. Annual loan count rose 37% from fiscal 2023 to fiscal 2025.
| # | Lender | Loans | Approved | Median loan | To startups | Most common borrower |
|---|---|---|---|---|---|---|
| 1 | First Bank & Trust Bank · Brookings, SD | 73 | $47.9M | $333,800 | 29% | Restaurants and hotels |
| 2 | First National Bank in Sioux Falls Bank · Sioux Falls, SD | 72 | $26.4M | $163,750 | 58% | Restaurants and hotels |
| 3 | Black Hills FCU Credit union · Rapid City, SD | 67 | $12.7M | $77,900 | 64% | Restaurants and hotels |
| 4 | U.S. Bank Bank · Cincinnati, OH | 52 | $9.3M | $32,500 | 38% | Construction |
| 5 | First Interstate Bank Bank · Billings, MT | 43 | $21.8M | $276,400 | 56% | Other services (repair, personal care) |
| 6 | Northeast Bank Bank · Portland, ME | 30 | $4.3M | $150,000 | 7% | Construction |
| 7 | Wells Fargo Bank Bank · Sioux Falls, SD | 25 | $7.3M | $15,000 | 88% | Retail |
| 8 | Levo Federal Credit Union Credit union · Sioux Falls, SD | 24 | $1.4M | $40,000 | 62% | Construction |
| 9 | Highmark FCU Credit union · Rapid City, SD | 21 | $2.7M | $100,000 | 57% | Construction |
| 10 | Pioneer Bank & Trust Bank · Belle Fourche, SD | 21 | $2.7M | $80,000 | 52% | Health care and social assistance |
| 11 | First National Bank Bank · Fort Pierre, SD | 18 | $6.4M | $158,000 | 28% | Construction |
| 12 | Huntington National Bank Bank · Columbus, OH | 14 | $3.2M | $162,500 | 64% | Health care and social assistance |
| 13 | Dacotah Bank Bank · Aberdeen, SD | 12 | $8.8M | $330,000 | 42% | Transportation and warehousing |
| 14 | Readycap Lending Non-bank lender · Berkeley Heights, NJ | 12 | $2.4M | $50,000 | 25% | Retail |
| 15 | BayFirst National Bank Bank · St. Petersburg, FL | 11 | $1.7M | $150,000 | 9% | Retail |
| 16 | Newtek Bank Bank · Miami, FL | 10 | $1.7M | $100,000 | 10% | Manufacturing |
| 17 | United Midwest Savings Bank Bank · Degraff, OH | 10 | $1.6M | $150,000 | 90% | Administrative and support services |
| 18 | Live Oak Banking Bank · Wilmington, NC | 9 | $17.5M | $1,250,000 | 22% | Professional and technical services |
| 19 | American Bank and Trust Bank · Sioux Falls, SD | 8 | $5.7M | $102,750 | 50% | Health care and social assistance |
| 20 | First Savings Bank Bank · Beresford, SD | 8 | $2.3M | $252,750 | 50% | Health care and social assistance |
| 21 | Minnwest Bank Bank · Redwood Falls, MN | 7 | $2.8M | $288,000 | 57% | Retail |
| 22 | Stearns Bank Bank · St. Cloud, MN | 7 | $1.4M | $210,000 | 57% | Restaurants and hotels |
| 23 | First Dakota National Bank Bank · Yankton, SD | 6 | $2.9M | $510,750 | 17% | Restaurants and hotels |
| 24 | Celtic Bank Bank · Salt Lake City, UT | 6 | $1.2M | $115,000 | 17% | Retail |
| 25 | First PREMIER Bank Bank · Sioux Falls, SD | 6 | $800K | $142,500 | 67% | Health care and social assistance |
| # | Certified development company | Loans | SBA portion approved | Median |
|---|---|---|---|---|
| 1 | Dakota Business Finance Sioux Falls, SD | 196 | $171.7M | $518,500 |
| 2 | Ally Dakota Development Rapid City, SD | 99 | $72.0M | $394,000 |
| 3 | South Dakota Development Sioux Falls, SD | 87 | $66.3M | $661,000 |
| 4 | Midwest Business Finance St. Cloud, MN | 6 | $4.4M | $442,500 |
| 5 | Dakota Business Lending Fargo, ND | 1 | $459K | $459,000 |
| 6 | Lake Agassiz Certified Development Fargo, ND | 1 | $721K | $721,000 |
| 7 | Siouxland Economic Development Sioux City, IA | 1 | $630K | $630,000 |
| Industry | Loans | Share | Median loan | Most active lender |
|---|---|---|---|---|
| Restaurants and hotels | 183 | $417,000 | Dakota Business Finance | |
| Retail | 131 | $298,800 | Dakota Business Finance | |
| Construction | 130 | $201,500 | Dakota Business Finance | |
| Other services (repair, personal care) | 119 | $290,000 | Dakota Business Finance | |
| Health care and social assistance | 89 | $280,000 | Ally Dakota Development | |
| Manufacturing | 78 | $329,000 | Dakota Business Finance | |
| Professional and technical services | 58 | $243,500 | Dakota Business Finance | |
| Transportation and warehousing | 49 | $137,000 | First National Bank in Sioux Falls | |
| Administrative and support services | 48 | $150,000 | Black Hills FCU | |
| Wholesale trade | 42 | $402,000 | Dakota Business Finance | |
| Arts, entertainment and recreation | 32 | $348,250 | First Bank & Trust | |
| Real estate and rental | 30 | $301,250 | Dakota Business Finance |
| City | Loans | Approved | Median loan | Most active lender |
|---|---|---|---|---|
| Sioux Falls | 341 | $207.7M | $309,000 | Dakota Business Finance |
| Rapid City | 146 | $71.4M | $224,500 | Black Hills FCU |
| Watertown | 43 | $23.8M | $321,500 | Ally Dakota Development |
| Spearfish | 39 | $15.3M | $157,000 | Pioneer Bank & Trust |
| Brookings | 37 | $16.6M | $399,500 | First Bank & Trust |
| Brandon | 34 | $27.5M | $298,000 | Dakota Business Finance |
| Tea | 31 | $14.8M | $330,000 | Dakota Business Finance |
| Aberdeen | 19 | $15.2M | $307,000 | South Dakota Development |
| Pierre | 18 | $17.1M | $462,500 | South Dakota Development |
| Black Hawk | 18 | $5.0M | $290,500 | Ally Dakota Development |
| Mitchell | 17 | $8.4M | $330,000 | Dakota Business Finance |
| Belle Fourche | 16 | $3.8M | $144,500 | Highmark FCU |
| Sturgis | 15 | $13.8M | $601,600 | Ally Dakota Development |
| Harrisburg | 15 | $12.9M | $525,000 | Dakota Business Finance |
| Custer | 13 | $4.1M | $150,000 | Highmark FCU |
7 South Dakota cities and suburbs with at least 25 SBA loans since October 2021. Search any zip code at the top of the page.