Lenders › The First National Bank in Sioux Falls
7(a) lenderSioux Falls, South DakotaFDIC-insured bank348th of 2,184 by approvals
The First National Bank in Sioux Falls
SBA 7(a) loan approvals by fiscal year, where they went, how large they were, and how loans from earlier years turned out.
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.
The First National Bank in Sioux Falls, based in Sioux Falls, South Dakota, is an FDIC-insured bank in the SBA 7(a) program. SBA approved 87 of its 7(a) loans worth $27.5M in FY2021 to FY2025, which places it 348th of 2,184 active 7(a) lenders by number of approvals.
In FY2025, the latest complete fiscal year, it had 23 approvals totalling $11.5M, down 18% on FY2024 (28). FY2026 to 30 Jun 2026 adds 12 more.
The median approval was $161K, against $190K for the 7(a) program as a whole; 46.0% of its approvals were for $150,000 or less (program: 47.8%).
Its loans went to businesses in 4 states and territories and 12 counties, led by South Dakota (92.0%), Minnesota (5.7%) and Iowa (1.1%). The largest industry group was accommodation and food services at 21.8% of approvals, and 24.1% of approvals were to franchise businesses.
Of 108 disbursed loans approved in FY2010 to FY2021, SBA records 5 as charged off (4.6%), 81 as paid in full and 22 still outstanding; the 7(a) program figure for the same approval years is 6.6%, so the rate here is below it.
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. Loans appear under the lender they are assigned to today, so a lender's figures include loans it took over. Data through 30 Jun 2026.
Approvals by fiscal year
| Fiscal year | Approvals | Dollars approved | Median approval | Average approval | Jobs supported, as reported |
|---|---|---|---|---|---|
| FY2026* | 12 | $4.2M | $146K | $354K | 75 |
| FY2025 | 23 | $11.5M | $250K | $502K | 234 |
| FY2024 | 28 | $9.7M | $243K | $346K | 200 |
| FY2023 | 6 | $1.1M | $108K | $185K | 32 |
| FY2022 | 9 | $1.6M | $150K | $180K | 117 |
| FY2021 | 21 | $3.5M | $123K | $168K | 132 |
| FY2020 | 27 | $5.2M | $143K | $191K | 183 |
| FY2019 | 11 | $3.8M | $150K | $347K | 191 |
| FY2018 | 9 | $2.2M | $170K | $242K | 213 |
| FY2017 | 15 | $3.1M | $115K | $210K | 172 |
| FY2016 | 7 | $2.5M | $150K | $352K | 129 |
Approvals are counted in the year SBA approved them and include approvals later cancelled. In the five fiscal years before the current window (FY2016–FY2020) the lender had 69 approvals. First approval on file: FY2010.
How earlier loans turned out
Only loans approved at least five fiscal years ago (FY2010–FY2021) are counted, because newer loans have had little time to be paid in full or charged off. "Charged off" is SBA's status for a loan on which it has written off the remaining balance.
| Loans approved FY2010–FY2021 | This lender | South Dakota | 7(a) program |
|---|---|---|---|
| Approvals in these years | 115 | 1,713 | 639,905 |
| Cancelled or never disbursed | 7 | 183 | 79,313 |
| Disbursed loans | 108 | 1,530 | 560,592 |
| Paid in full | 81 | 1,247 | 435,813 |
| Charged off | 5 | 82 | 36,891 |
| Still outstanding (status exempt from disclosure) | 22 | 201 | 87,888 |
| Charged off, share of disbursed loans | 4.6% | 5.4% | 6.6% |
| Dollars charged off, share of disbursed dollars | 4.3% | 2.2% | 2.5% |
| Dollars charged off | $1.3M | $11.2M | $5.70bn |
By approval year
| Approved in | Disbursed | Paid in full | Charged off | Charged off, share | 7(a) program, same year |
|---|---|---|---|---|---|
| FY2021 | 21 | 10 | 1 | — | 2.8% |
| FY2020 | 27 | 20 | 2 | — | 4.0% |
| FY2019 | 11 | 8 | 1 | — | 6.7% |
| FY2018 | 8 | 6 | 0 | — | 7.9% |
| FY2017 | 14 | 12 | 1 | — | 7.7% |
| FY2016 | 7 | 5 | 0 | — | 7.2% |
| FY2015 | 4 | 4 | 0 | — | 6.9% |
| FY2014 | 3 | 3 | 0 | — | 6.4% |
| FY2013 | 3 | 3 | 0 | — | 6.0% |
| FY2012 | 3 | 3 | 0 | — | 6.3% |
| FY2011 | 6 | 6 | 0 | — | 6.9% |
| FY2010 | 1 | 1 | 0 | — | 9.2% |
A share is shown only where at least 30 loans from that year were disbursed.
Against the 7(a) program
| FY2021–FY2025 | This lender | 7(a) program |
|---|---|---|
| Median approval | $161K | $190K |
| Average approval | $316K | $518K |
| Approvals of $150,000 or less | 46.0% | 47.8% |
| Approvals to startups and businesses 2 years old or less | 55.2% | 34.3% |
| Approvals to franchise businesses | 24.1% | 11.5% |
| Jobs supported per approval, as reported | 8.2 | 10.5 |
| Charged off, loans approved FY2010–FY2021 | 4.6% | 6.6% |
States served
| # | State of the business (4 in all) | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | South Dakota | 80 | $25.2M | 92.0% | |
| 2 | Minnesota | 5 | $1.3M | 5.7% | |
| 3 | Iowa | 1 | — | 1.1% | |
| 4 | Nebraska | 1 | — | 1.1% |
In South Dakota the lender accounts for 10.9% of all 7(a) approvals in FY2021–FY2025.
Counties served
| # | County of the business (12 in all) | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Minnehaha County, SD | 52 | $14.6M | 59.8% | |
| 2 | Lincoln County, SD | 20 | $6.2M | 23.0% | |
| 3 | Davison County, SD | 2 | — | 2.3% | |
| 4 | Olmsted County, MN | 2 | — | 2.3% | |
| 5 | Codington County, SD | 2 | — | 2.3% | |
| 6 | Rock County, MN | 2 | — | 2.3% | |
| 7 | Turner County, SD | 2 | — | 2.3% | |
| 8 | Brookings County, SD | 1 | — | 1.1% | |
| 9 | Woodbury County, IA | 1 | — | 1.1% | |
| 10 | Lancaster County, NE | 1 | — | 1.1% | |
| 11 | Moody County, SD | 1 | — | 1.1% | |
| 12 | Hennepin County, MN | 1 | — | 1.1% |
Industry mix
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Accommodation and Food Services | 19 | 21.8% | |
| 2 | Other Services (except Public Administration) | 15 | 17.2% | |
| 3 | Construction | 12 | 13.8% | |
| 4 | Retail Trade | 8 | 9.2% | |
| 5 | Health Care and Social Assistance | 6 | 6.9% | |
| 6 | Arts, Entertainment, and Recreation | 5 | 5.7% | |
| 7 | Transportation and Warehousing | 5 | 5.7% | |
| 8 | Information | 4 | 4.6% |
| # | Industry group | Approvals | Share | |
|---|---|---|---|---|
| 1 | Restaurants and Other Eating PlacesNAICS 7225 | 17 | 19.5% | |
| 2 | Foundation, Structure, and Building Exterior ContractorsNAICS 2381 | 7 | 8.0% | |
| 3 | Other Personal ServicesNAICS 8129 | 6 | 6.9% | |
| 4 | Other Amusement and Recreation IndustriesNAICS 7139 | 5 | 5.7% | |
| 5 | Offices of Other Health PractitionersNAICS 6213 | 4 | 4.6% | |
| 6 | Personal Care ServicesNAICS 8121 | 4 | 4.6% | |
| 7 | General Freight TruckingNAICS 4841 | 4 | 4.6% | |
| 8 | Automotive Repair and MaintenanceNAICS 8111 | 3 | 3.4% | |
| 9 | Direct Selling EstablishmentsNAICS 4543 | 2 | 2.3% | |
| 10 | Drinking Places (Alcoholic Beverages)NAICS 7224 | 2 | 2.3% |
Approval sizes
- $50,000 or less12.6%11
- $50,001 to $150,00033.3%29
- $150,001 to $350,00028.7%25
- $350,001 to $1 million21.8%19
- Over $2 million3.4%3
Loan terms
- 5 years or less21.8%19
- Over 5 to 10 years66.7%58
- Over 10 to 20 years9.2%8
- Over 20 years2.3%2
Age of the businesses
- Existing, more than 2 years old25.3%22
- New business, 2 years or less18.4%16
- Startup, loan funds will open the business36.8%32
- Change of ownership19.5%17
SBA processing method
| # | Method | Approvals | Share | |
|---|---|---|---|---|
| 1 | 7a General | 67 | 77.0% | |
| 2 | SBA Express Program | 20 | 23.0% |
Franchise share
21 of 87 approvals in FY2021–FY2025 (24.1%) carried an SBA franchise code; across the 7(a) program the share is 11.5%.
| # | Franchise brand | Approvals | Share | |
|---|---|---|---|---|
| 1 | Wingstop | 3 | 3.4% | |
| 2 | Scooter's Coffee | 2 | 2.3% | |
| 3 | Crisp & Green | 1 | 1.1% | |
| 4 | The Human Bean | 1 | 1.1% | |
| 5 | Subway | 1 | 1.1% | |
| 6 | Rainbow Restoration | 1 | 1.1% | |
| 7 | Los Campeones Gym | 1 | 1.1% | |
| 8 | Meineke Car Care Center | 1 | 1.1% |
Questions and answers
How many SBA loans does The First National Bank in Sioux Falls make?
SBA approved 23 7(a) loans through The First National Bank in Sioux Falls in FY2025, worth $11.5M, and 87 over FY2021 to FY2025. That ranks 348th of 2,184 active 7(a) lenders by number of approvals.
How large are The First National Bank in Sioux Falls's typical SBA loans?
The median 7(a) approval in FY2021 to FY2025 was $161K and the average $316K. The program-wide median was $190K.
What is The First National Bank in Sioux Falls's charge-off rate?
Of 108 disbursed loans approved in FY2010 to FY2021, SBA records 5 as charged off (4.6%), 81 as paid in full and 22 still outstanding; the 7(a) program figure for the same approval years is 6.6%, so the rate here is below it. Loans are listed under the lender that holds them today, so the figure includes loans taken over from other lenders. Status is as recorded by SBA on 30 Jun 2026.
Which industries does The First National Bank in Sioux Falls lend to most?
By number of approvals in FY2021 to FY2025: restaurants and other eating places (17); foundation, structure, and building exterior contractors (7); other personal services (6); other amusement and recreation industries (5).
Where does The First National Bank in Sioux Falls make SBA loans?
In 4 states and territories. South Dakota 80, Minnesota 5, Iowa 1, Nebraska 1. In South Dakota it accounts for 10.9% of all 7(a) approvals.
Is The First National Bank in Sioux Falls's SBA lending rising?
Approvals in the three latest complete fiscal years total 57, against 57 in the three before: broadly level (0%).
Where does this data come from?
From the Small Business Administration's 7(a) and 504 FOIA loan files, as of 30 Jun 2026. Borrower names and addresses in those files are discarded when the files are read and appear nowhere on this site.
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. Dollar figures behind fewer than three approvals are not shown, and no borrower is named anywhere on this site.Methodology · Report an error