State lending data
SBA lending in South Dakota
477 SBA 7(a) loans went to businesses in South Dakota recently, at a median of $150,000. The lenders that made them, what they charged, and how the state is trending.
477 SBA 7(a) loans went to businesses in South Dakota in the most recent fiscal years, at a median of $150,000. The most active lender in the state was First Bank & Trust, with 60 loans. Approvals are down 13.3% on the year.
SBA lending in South Dakota, by the numbers
Every figure here is computed from SBA 7(a) loan-level FOIA data released 2026-06-30 — loans actually approved to businesses in South Dakota, not advertised ranges.
| Measure | South Dakota | National |
|---|---|---|
| Loans approved | 477 | 214,102 |
| Total approved | $211.2 million | $104.1 billion |
| Median loan | $150,000 | $150,000 |
| 25th – 75th percentile | $50,000 – $438,400 | $50,000 – $500,000 |
| Median term | 10 years | 10 years |
| Median initial rate | 9.00% | 10.25% |
| Share to startups | 47.4% | 33.6% |
| Charge-off rate, FY2010–19 | 5.7% | 7.1% |
| Jobs supported | 4,358 | 2,142,602 |
| Counties with recorded lending | 34 | — |
| Lenders active in the state | 69 | — |
Is SBA lending in South Dakota growing or shrinking?
Shrinking, along with almost every other state. Comparing December 2025 to June 2026 with December 2024 to June 2025, the same months a year earlier, 7(a) approvals to businesses in South Dakota went from 83 to 72 loans, down 13.3% — while the dollars approved went from $47.5 million to $31.1 million, down 34.4%. The average approval fell from $572,327 to $432,498, so the change is weighted toward smaller loans.
South Dakota is holding up better than most of the country: 11th of 51 for year-on-year change, against a national decline of 21.0%.
| Fiscal year | Loans in South Dakota | Loans nationally | State share |
|---|---|---|---|
| FY2023 | 116 | 51,747 | 0.2% |
| FY2024 | 139 | 62,618 | 0.2% |
| FY2025 | 144 | 64,096 | 0.2% |
| FY2026 (part year) | 78 | 35,641 | 0.2% |
Which lenders actually fund businesses in South Dakota
Ranked by loans approved inside South Dakota. The median, startup share and rate columns describe each lender's own South Dakota loans, not its national averages — the same bank often writes very different business from one state to the next.
| Lender | Loans | Median loan | Startup share | Median rate |
|---|---|---|---|---|
| First Bank & Trust | 60 | $352,000 | 33% | 9.50% |
| The First National Bank in Sioux Falls | 59 | $157,500 | 59% | 8.00% |
| Black Hills FCU | 54 | $67,500 | 67% | 9.12% |
| U.S. Bank | 44 | $32,500 | 41% | 10.37% |
| First Interstate Bank | 29 | $200,000 | 55% | 8.00% |
| Levo Federal Credit Union | 23 | $40,000 | 61% | 9.00% |
What stands out about South Dakota
Reading the state's own figures against the national picture:
- Loan sizes are typical. The median of $150,000 is within a few percent of the $150,000 national median across all 7(a) borrowers, so nothing about this market is unusual on size.
- New businesses do well here. 47.4% of these loans went to startups or businesses no more than two years old, against 33.6% nationally — an unusually open market if you have no trading history.
- Rates run lower here. The median initial rate of 9.00% is 1.25 points below the 10.25% national median. Most 7(a) lending is variable-rate, so treat this as a comparison between markets, not a quote.
Who borrows in South Dakota
The industry mix of SBA borrowers here, led by restaurants and hotels.
| Sector | Loans | Share | Median loan | To startups |
|---|---|---|---|---|
| Restaurants and Hotels | 82 | 17.2% | $251,650 | 62% |
| Construction | 65 | 13.6% | $100,000 | 28% |
| Retail | 61 | 12.8% | $200,700 | 33% |
| Personal Services | 52 | 10.9% | $190,000 | 40% |
| Healthcare | 34 | 7.1% | $159,000 | 62% |
| Manufacturing | 33 | 6.9% | $150,000 | 67% |
| Admin Services | 28 | 5.9% | $128,100 | 61% |
| Trucking | 26 | 5.5% | $118,400 | 50% |
| Professional Services | 22 | 4.6% | $137,500 | 46% |
| Wholesale | 20 | 4.2% | $200,000 | 20% |
Where the money goes in South Dakota
SBA lending is more concentrated than state totals suggest, and Minnehaha County alone accounts for 33% of the state's loans.
| County | Loans | Median loan | Total approved |
|---|---|---|---|
| Minnehaha County | 157 | $150,000 | $61.6 million |
| Pennington County | 83 | $103,500 | $28.4 million |
| Lincoln County | 64 | $150,000 | $28.4 million |
| Brookings County | 27 | $350,000 | $13.1 million |
SBA 504 in South Dakota
7(a) is the general-purpose program. 504 is the one for buying the building or the heavy equipment, at a long fixed rate — a different program with its own lenders, called Certified Development Companies.
| Measure | South Dakota 504 | National 504 |
|---|---|---|
| Projects approved | 269 | 22,192 |
| Median CDC share | $496,000 | $730,000 |
| Median total project | $1,161,000 | $1,642,000 |
| Median term | 25 years | 25 years |
- Which CDCs operate here, and on what terms: SBA 504 in South Dakota
- How the two programs differ: SBA 504 loans and SBA 7(a) loans
How to use this page
- Start from the lender table, not a search engine. Shortlist three whose median loan in South Dakota is near what you need. Size match beats brand.
- Follow your industry link in the sector table for the lenders that fund your kind of business in this state specifically.
- Then your county, if it is listed, for the local picture.
- Check the payment before you apply with the affordability calculator — lenders decline on cash flow more than on anything else.
- Filter the whole lender file yourself in the lender finder if you want to combine state, industry, loan size and business age at once.
Other states
- States of comparable lending volume: Vermont, District of Columbia, Hawaii, North Dakota, West Virginia, Alaska, California, Florida
Questions people actually ask
How many SBA loans are approved in South Dakota each year?
477 SBA 7(a) loans were approved to businesses in South Dakota across fiscal years 2023 to 2026, using data released June 2026, worth $211.2 million in total. Over the most recent comparable months the number of approvals ran down 13.3% year on year, while the dollars approved ran down 34.4%.
Which bank approves the most SBA loans in South Dakota?
First Bank & Trust, with 60 loans approved to businesses in the state and a median loan of $352,000. That makes it the most active, not necessarily the best fit — a lender whose median is far from your number is usually the wrong call.
Do I have to use a lender based in South Dakota?
No. SBA lenders routinely lend across state lines and several of the largest are non-bank lenders with no branches at all. What the state data tells you is which institutions are already comfortable with businesses like yours here.