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County1st of 46 in South Dakota by approvalsFIPS 46099
SBA loans in Minnehaha County, South Dakota
7(a) and 504 approvals to businesses located in the county, set against the number of businesses there and against the state.
SBA approvals by fiscal year. The federal fiscal year runs 1 October to 30 September, so FY2025 is 1 October 2024 to 30 September 2025. *FY2026 is open: approvals to 30 Jun 2026 only.
Businesses in Minnehaha County, South Dakota, received 407 SBA loan approvals worth $255M in FY2021 to FY2025 (220 7(a), 187 504).
That is 65.0 approvals per 1,000 business establishments (6,262 establishments in 2023), above the South Dakota figure of 42.5 and above the national 41.0.
It ranks 1st of 46 South Dakota counties with approvals. In FY2025 there were 90, up 17% on FY2024.
48 lenders had approvals here; the most active were Dakota Business Finance (130), The First National Bank in Sioux Falls (52) and South Dakota Development Corporation (44). The most common industry was restaurants and other eating places.
Loan status is as recorded by SBA at the data date; charge-off rates are computed on loans approved at least five fiscal years ago. Jobs supported are self-reported estimates from the SBA loan application, which SBA does not review, audit or validate. Data through 30 Jun 2026.
Lenders most active in Minnehaha County
By number of approvals to businesses in the county, FY2021–FY2025; 48 lenders had at least one.
| # | Lender | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Dakota Business FinanceSioux Falls, SD · CDC | 130 | $130M | 31.9% | |
| 2 | The First National Bank in Sioux FallsSioux Falls, SD | 52 | $14.6M | 12.8% | |
| 3 | South Dakota Development CorporationSioux Falls, SD · CDC | 44 | $33.7M | 10.8% | |
| 4 | U.S. Bank, National AssociationCincinnati, OH | 22 | $952K | 5.4% | |
| 5 | First Bank & TrustBrookings, SD | 16 | $10.7M | 3.9% | |
| 6 | Black Hills FCURapid City, SD | 13 | $3.0M | 3.2% | |
| 7 | Levo Federal Credit UnionSioux Falls, SD | 12 | $855K | 2.9% | |
| 8 | Ally Dakota Development, Inc.Rapid City, SD · CDC | 11 | $13.3M | 2.7% | |
| 9 | The Huntington National BankColumbus, OH | 10 | $2.2M | 2.5% | |
| 10 | Dacotah BankAberdeen, SD | 9 | $8.2M | 2.2% | |
| 11 | Minnwest BankRedwood Falls, MN | 9 | $2.4M | 2.2% | |
| 12 | First Interstate BankBillings, MT | 7 | $996K | 1.7% | |
| 13 | Security Savings BankCanton, SD | 6 | $1.3M | 1.5% | |
| 14 | BayFirst National BankSaint Petersburg, FL | 6 | $855K | 1.5% | |
| 15 | Wells Fargo Bank National AssociationSioux Falls, SD | 4 | $4.8M | 1.0% |
Industries
| # | Industry group (NAICS 4-digit) | Approvals | Share | |
|---|---|---|---|---|
| 1 | Restaurants and Other Eating PlacesNAICS 7225 | 46 | 11.3% | |
| 2 | Offices of Other Health PractitionersNAICS 6213 | 19 | 4.7% | |
| 3 | Automotive Repair and MaintenanceNAICS 8111 | 15 | 3.7% | |
| 4 | General Freight TruckingNAICS 4841 | 14 | 3.4% | |
| 5 | Child Day Care ServicesNAICS 6244 | 13 | 3.2% | |
| 6 | Traveler AccommodationNAICS 7211 | 12 | 2.9% | |
| 7 | Services to Buildings and DwellingsNAICS 5617 | 9 | 2.2% | |
| 8 | Other Personal ServicesNAICS 8129 | 9 | 2.2% | |
| 9 | Building Equipment ContractorsNAICS 2382 | 8 | 2.0% | |
| 10 | Agencies, Brokerages, and Other Insurance Related ActivitiesNAICS 5242 | 7 | 1.7% |
Sectors
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Accommodation and Food Services | 66 | 16.2% | |
| 2 | Retail Trade | 60 | 14.7% | |
| 3 | Health Care and Social Assistance | 42 | 10.3% | |
| 4 | Construction | 40 | 9.8% | |
| 5 | Other Services (except Public Administration) | 40 | 9.8% | |
| 6 | Professional, Scientific, and Technical Services | 27 | 6.6% | |
| 7 | Manufacturing | 24 | 5.9% | |
| 8 | Transportation and Warehousing | 24 | 5.9% |
Approvals by fiscal year
| Fiscal year | 7(a) approvals | 7(a) dollars | Median 7(a) | 504 approvals | 504 dollars | All approvals | Jobs supported, as reported |
|---|---|---|---|---|---|---|---|
| FY2026* | 27 | $10.2M | $226K | 20 | $12.4M | 47 | 415 |
| FY2025 | 62 | $28.3M | $144K | 28 | $32.2M | 90 | 1,002 |
| FY2024 | 45 | $13.3M | $133K | 32 | $29.0M | 77 | 542 |
| FY2023 | 42 | $15.7M | $208K | 27 | $33.0M | 69 | 904 |
| FY2022 | 27 | $7.5M | $150K | 51 | $43.6M | 78 | 889 |
| FY2021 | 44 | $12.8M | $161K | 49 | $39.8M | 93 | 1,048 |
| FY2020 | 53 | $14.0M | $125K | 31 | $17.2M | 84 | 961 |
| FY2019 | 30 | $6.8M | $100K | 13 | $16.2M | 43 | 440 |
| FY2018 | 38 | $14.8M | $108K | 22 | $10.0M | 60 | 690 |
| FY2017 | 45 | $14.7M | $86K | 26 | $20.2M | 71 | 794 |
| FY2016 | 41 | $11.4M | $125K | 17 | $8.7M | 58 | 597 |
In FY2016–FY2020, the five fiscal years before the current window, the county had 316 approvals.
Against South Dakota and the country
| FY2021–FY2025 | Minnehaha County | South Dakota | United States |
|---|---|---|---|
| Approvals | 407 | 1,237 | 342,825 |
| Approvals per 1,000 establishments | 65.0 | 42.5 | 41.0 |
| Median 7(a) approval | $150K | $150K | $190K |
| Median 504 approval | $536K | $463K | $657K |
| Average approval | $627K | $560K | $573K |
| 504 share of approvals | 45.9% | 40.5% | 11.0% |
| Jobs supported per approval, as reported | 10.8 | 9.0 | 10.5 |
| Share of state approvals | 32.9% | 100.0% | — |
Approval sizes
- $50,000 or less14.5%59
- $50,001 to $150,00015.5%63
- $150,001 to $350,00022.6%92
- $350,001 to $1 million32.2%131
- $1 million to $2 million7.6%31
- Over $2 million7.6%31
Age of the businesses
- Existing, more than 2 years old53.6%218
- New business, 2 years or less12.5%51
- Startup, loan funds will open the business23.8%97
- Change of ownership10.1%41
Questions and answers
Which lenders make the most SBA loans in Minnehaha County?
By approvals in FY2021 to FY2025: Dakota Business Finance (130), The First National Bank in Sioux Falls (52), South Dakota Development Corporation (44), U.S. Bank, National Association (22), First Bank & Trust (16). Volume says how active a lender is, nothing about terms or service.
How large are typical SBA loans in Minnehaha County?
The median 7(a) approval was $150K and the median 504 approval $536K; the South Dakota 7(a) median was $150K.
Which industries get the most SBA loans in Minnehaha County?
Restaurants and Other Eating Places (46); Offices of Other Health Practitioners (19); Automotive Repair and Maintenance (15); General Freight Trucking (14); Child Day Care Services (13).
Is SBA lending in Minnehaha County rising?
Approvals in the three latest complete fiscal years total 236, against 255 in the three before: broadly level (-7%).
How does Minnehaha County compare with the rest of South Dakota?
65.0 approvals per 1,000 establishments against 42.5 statewide, and 407 of the state's 1,237 approvals.
About these figures
Figures are totals of the Small Business Administration's 7(a) and 504 FOIA loan files, data through 30 Jun 2026. SBA updates the files quarterly. Counts are loan approvals, including approvals later cancelled; the five-year window is FY2021–FY2025, the five latest complete fiscal years. Charge-off rates use only loans approved in FY2010–FY2021, at least five fiscal years ago, and count disbursed loans SBA records as charged off. Loans are listed under the lender they are assigned to today. Establishment counts are from the Census Bureau's County Business Patterns 2023, which leaves out most farms, government and businesses without employees. Dollar figures behind fewer than three approvals are not shown, and no borrower is named anywhere on this site.Methodology · Report an error