Lending data
Who actually lends to restaurants, bars, and hotels in South Dakota?
82 SBA 7(a) loans went to restaurants, bars, and hotels in South Dakota recently, at a median of $251,650. Here are the lenders that made them, ranked.
82 SBA 7(a) loans went to restaurants, bars, and hotels in South Dakota in the most recent fiscal years. The median was $251,650 over 10 years. The most active lender was First Bank & Trust, with 13 loans.
What lending to restaurants, bars, and hotels 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 | Restaurants, bars, and hotels, South Dakota | All 7(a) borrowers |
|---|---|---|
| Loans approved | 82 | 214,102 |
| Median loan | $251,650 | $150,000 |
| 25th - 75th percentile | $80,000 - $690,650 | $50,000 - $500,000 |
| Median term | 10 years | 10 years |
| Median initial rate | 9.00% | 10.25% |
| Share to startups | 62.2% | 33.6% |
| Charge-off rate, FY2010-19 cohort | 8.6% | 7.1% |
Which lenders actually funded them
Ranked by loans approved to restaurants, bars, and hotels 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 |
|---|---|---|---|---|
| First Bank & Trust | 13 | $350,000 | 46% | 9.75% |
| Black Hills FCU | 12 | $176,700 | 83% | 9.00% |
| The First National Bank in Sioux Falls | 11 | $155,000 | 91% | 7.80% |
| First Interstate Bank | 5 | $180,000 | 80% | 8.50% |
| U.S. Bank | 4 | $22,500 | 50% | 9.74% |
| The Huntington National Bank | 4 | $182,500 | 100% | 10.12% |
| Levo Federal Credit Union | 3 | $51,000 | 100% | 9.50% |
| Stearns Bank | 3 | $211,500 | 67% | 10.00% |
| Pioneer Bank & Trust | 2 | $146,000 | 0% | 8.62% |
| Highmark FCU | 2 | $185,000 | 50% | 8.12% |
What stands out in this market
Reading the figures above against the national picture:
- Loans here run larger than average. The median of $251,650 is 68% above the $150,000 national median. Expect lenders in this market to be geared toward bigger deals, and expect a small request to get less attention.
- New businesses do well here. 62% 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 44% of these loans, so the shortlist below covers most of the active market.
- Rates run lower here. The median initial rate of 9.00% is 1.25 points below the 10.25% national median, which usually tracks loan size and perceived sector risk rather than geography.
Which of them lend to new businesses
Of those loans, 62.2% 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 | 10 | $176,700 | 83% | 9.00% |
| The First National Bank in Sioux Falls | 10 | $155,000 | 91% | 7.80% |
| First Bank & Trust | 6 | $350,000 | 46% | 9.75% |
| First Interstate Bank | 4 | $180,000 | 80% | 8.50% |
| The Huntington National Bank | 4 | $182,500 | 100% | 10.12% |
| Levo Federal Credit Union | 3 | $51,000 | 100% | 9.50% |
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: construction, retail, personal services, healthcare, manufacturing, admin services
- Restaurants and Hotels in comparable states: Delaware, District of Columbia, West Virginia, Montana, Vermont, Rhode Island