Lending data
Who actually lends to manufacturers in South Dakota?
33 SBA 7(a) loans went to manufacturers in South Dakota recently, at a median of $150,000. Here are the lenders that made them, ranked.
33 SBA 7(a) loans went to manufacturers in South Dakota in the most recent fiscal years. The median was $150,000 over 10 years. The most active lender was Black Hills FCU, with 7 loans.
What lending to manufacturers in South Dakota actually looks like
Every figure on this page is computed from SBA 7(a) loan-level FOIA data released 2026-06-30. It reflects loans that were actually approved, not rate cards or advertised ranges.
| Measure | Manufacturing, South Dakota | All 7(a) borrowers |
|---|---|---|
| Loans approved | 33 | 214,102 |
| Median loan | $150,000 | $150,000 |
| 25th - 75th percentile | $50,000 - $356,050 | $50,000 - $500,000 |
| Median term | 10 years | 10 years |
| Median initial rate | 9.25% | 10.25% |
| Share to startups | 66.7% | 33.6% |
| Charge-off rate, FY2010-19 cohort | 1.8% | 7.1% |
Which lenders actually funded them
Ranked by loans approved to manufacturers in South Dakota. This is the list worth working from, because a lender that has funded dozens of businesses like yours in your state has seen your file before.
| Lender | Loans | Median loan | Startup share | Median rate |
|---|---|---|---|---|
| Black Hills FCU | 7 | $50,000 | 100% | 9.75% |
| The First National Bank in Sioux Falls | 4 | $288,750 | 50% | 7.62% |
| First Bank & Trust | 3 | $300,000 | 33% | 10.30% |
| U.S. Bank | 2 | $350,500 | 100% | 8.50% |
| Plains Commerce Bank | 2 | $216,800 | 0% | 7.00% |
| First Interstate Bank | 2 | $90,450 | 100% | 9.12% |
| First National Bank | 2 | $869,750 | 50% | 8.12% |
What stands out in this market
Reading the figures above 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. 67% of these loans went to startups or businesses under two years old, against 34% nationally — an unusually open market if you have no trading history.
- No single lender dominates, but the top three made 42% of these loans, so the shortlist below covers most of the active market.
- Rates run lower here. The median initial rate of 9.25% is 1.00 points below the 10.25% national median, which usually tracks loan size and perceived sector risk rather than geography.
- This market has performed well. Its FY2010-2019 charge-off rate of 1.8% is below the 7.1% overall figure, which is part of why lenders compete for it.
Which of them lend to new businesses
Of those loans, 66.7% went to businesses the SBA classes as startups — new, under two years old, or opening with the proceeds. These are the lenders in this market that actually wrote them.
| Lender | Loans | Median loan | Startup share | Median rate |
|---|---|---|---|---|
| Black Hills FCU | 7 | $50,000 | 100% | 9.75% |
| U.S. Bank | 2 | $350,500 | 100% | 8.50% |
| First Interstate Bank | 2 | $90,450 | 100% | 9.12% |
| The First National Bank in Sioux Falls | 2 | $288,750 | 50% | 7.62% |
How to use this
- Shortlist three lenders from the table whose median loan is close to what you need.
- Ask each whether they are a Preferred Lender and how many 7(a) loans they closed last year. See choosing an SBA lender.
- Check your coverage first with the affordability calculator so you ask for a number the cash flow supports.
- Assemble the package before you call. The document checklist is the single biggest thing you control.
Compare other markets
- Other sectors in South Dakota: restaurants and hotels, construction, retail, personal services, healthcare, admin services
- Manufacturing in comparable states: Mississippi, West Virginia, Montana, Delaware, Arkansas, Rhode Island