SBA Ledger

States › South Dakota

State0.4% of US approvals96 lenders active

SBA loans in South Dakota

7(a) and 504 approvals by fiscal year, the lenders behind them, and where in the state they went. Pick a fiscal year for that year's lenders and counties.

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 South Dakota received 1,237 SBA loan approvals worth $693M in FY2021 to FY2025, 736 of them 7(a) loans and 501 504 loans.

That is 42.5 approvals for every 1,000 business establishments in the state, against 41.0 nationally, and 0.4% of all approvals in the country (44th of 54 states and territories).

In FY2025 there were 270 approvals totalling $162M, up 21% on FY2024. The median 7(a) approval over the five years was $150K and the median 504 approval $463K.

96 lenders had at least one approval in the state; by number of 7(a) approvals the most active were Black Hills FCU (81), The First National Bank in Sioux Falls (80) and First Bank & Trust (61).

Of 7(a) loans approved in FY2010 to FY2021 and disbursed, SBA records 5.4% as charged off, against 6.6% nationally.

270approvals, FY20251,237 in FY2021–FY2025
$162Mapproved, FY2025$693M in FY2021–FY2025
42.5approvals per 1,000 establishments, FY2021–FY2025US: 41.0
$150Kmedian 7(a) approvalUS: $190K
5.4%7(a) loans approved FY2010–FY2021 charged offUS: 6.6%

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.

Most active 7(a) lenders in South Dakota

Ranked by number of approvals to businesses in the state, FY2021–FY2025. The column of bars shows each lender's approvals here in every fiscal year; the charged-off column is the lender's nationwide figure.

#LenderApprovals in SD, FY2021–25DollarsShareMedian approval, all statesFY2016–26Charged off, FY2010–21 loans
1Black Hills FCURapid City, SD81$19.7M11.0%$87K5.7%
2The First National Bank in Sioux FallsSioux Falls, SD80$25.2M10.9%$161K4.6%
3First Bank & TrustBrookings, SD61$40.3M8.3%$400K2.7%
4U.S. Bank, National AssociationCincinnati, OH51$8.5M6.9%$45K6.2%
5First Interstate BankBillings, MT44$20.4M6.0%$222K5.7%
6Wells Fargo Bank National AssociationSioux Falls, SD33$13.0M4.5%$15K7.9%
7Highmark FCURapid City, SD33$4.1M4.5%$83K2.6%
8First National BankFort Pierre, SD32$7.9M4.3%$176K2.7%
9Northeast BankLewiston, ME26$3.6M3.5%$106K12.8%
10Pioneer Bank & TrustBelle Fourche, SD24$3.8M3.3%$112K—
11Levo Federal Credit UnionSioux Falls, SD24$1.4M3.3%$40K—
12The Huntington National BankColumbus, OH16$3.7M2.2%$92K5.7%
13Dacotah BankAberdeen, SD15$9.8M2.0%$274K8.3%
14Readycap Lending, LLCBerkeley Heights, NJ11$1.7M1.5%$138K4.3%
15BayFirst National BankSaint Petersburg, FL11$1.7M1.5%$150K19.2%
16Live Oak Banking CompanyWilmington, NC9$20.5M1.2%$850K2.2%
17Minnwest BankRedwood Falls, MN9$2.4M1.2%$350K3.9%
18Security Savings BankCanton, SD9$1.9M1.2%$150K—
19Red River State BankHalstad, MN8$8.6M1.1%$467K4.7%
20Newtek Bank, National AssociationMiami, FL8$1.5M1.1%$225K—
21United Midwest Savings Bank National AssociationDe Graff, OH8$1.1M1.1%$150K15.9%
22First PREMIER BankSioux Falls, SD8$960K1.1%$128K10.2%
23Byline BankChicago, IL7$16.6M1.0%$806K9.5%
24Celtic Bank CorporationSalt Lake City, UT7$5.0M1.0%$150K17.0%
25First Dakota National BankYankton, SD7$3.4M1.0%$500K5.7%
26Stearns Bank National AssociationSaint Cloud, MN6$1.2M0.8%$266K9.9%
27GBC International BankLos Angeles, CA5$14.0M0.7%$600K2.8%
28First Savings BankBeresford, SD5$1.1M0.7%$211K3.9%
29American Bank and TrustSioux Falls, SD4$5.1M0.5%$209K—
30Heritage Bank IncBurlington, KY4$4.4M0.5%$150K—
31Reliabank DakotaEstelline, SD4$2.8M0.5%$413K—
32Heritage Bank, National AssociationSpicer, MN4$1.2M0.5%$175K3.5%
33First National Bank of OmahaOmaha, NE4$910K0.5%$201K4.3%
34BankWest, IncPierre, SD3$1.4M0.4%$400K—
35Bank MidwestSpirit Lake, IA3$839K0.4%$114K0.0%
36Bravera BankDickinson, ND3$646K0.4%$76K4.2%
37CorTrust Bank National AssociationMitchell, SD2—0.3%$125K0.0%
38Old National BankEvansville, IN2—0.3%$500K4.7%
39Security First BankLincoln, NE2—0.3%$278K0.0%
40First Bank of the LakeOsage Beach, MO2—0.3%$350K2.7%

504 certified development companies

#LenderApprovals in SD, FY2021–25DollarsShareMedian approval, all statesFY2016–26Charged off, FY2010–21 loans
1Dakota Business FinanceSioux Falls, SD · 504 CDC261$215M52.1%$466K1.1%
2Ally Dakota Development, Inc.Rapid City, SD · 504 CDC136$84.3M27.1%$390K1.5%
3South Dakota Development CorporationSioux Falls, SD · 504 CDC91$67.3M18.2%$664K6.1%
4Midwest Business Finance CorporationSt. Cloud, MN · 504 CDC7$7.1M1.4%$506K1.2%
5Lake Agassiz Certified Development CompanyFargo, ND · 504 CDC3$1.4M0.6%$458K2.8%
6Siouxland Economic Development CorporationSioux City, IA · 504 CDC2—0.4%$618K0.5%
7Dakota Business LendingFargo, ND · 504 CDC1—0.2%$458K1.6%

Fiscal-year ledger

Fiscal year7(a) approvals7(a) dollarsMedian 7(a)504 approvals504 dollarsAll approvalsJobs supported, as reported
FY2026*86$36.4M$216K59$43.7M1451,409
FY2025175$84.0M$150K95$77.6M2702,467
FY2024151$62.1M$131K72$57.3M2231,636
FY2023134$57.2M$152K63$56.1M1972,106
FY2022117$35.3M$139K102$81.4M2191,927
FY2021159$77.6M$172K169$104M3282,974
FY2020163$52.2M$150K98$53.1M2612,215
FY2019114$36.3M$141K46$31.5M1601,230
FY2018121$43.9M$150K71$35.1M1921,933
FY2017139$50.8M$149K66$39.4M2052,043
FY2016135$49.6M$150K47$21.8M1821,603

7(a) approvals504 approvals

919293949596979899000102030405060708091011121314151617181920212223242526
SBA approvals in South Dakota by fiscal year, FY1991 to FY2026.

Counties

Approvals in FY2021–FY2025 set against the Census Bureau's count of business establishments. Counties with at least 30 approvals have their own page.

#CountyApprovalsDollarsEstablishmentsPer 1,000 establishmentsBy fiscal year
1Minnehaha County407$255M6,26265.0
2Pennington County202$106M4,13748.8
3Lincoln County143$67.9M2,18465.5
4Lawrence County72$29.1M1,24857.7
5Codington County52$38.6M1,21043.0
6Brookings County42$19.0M95843.8
7Meade County41$17.0M80550.9
8Brown County25$12.3M1,24520.1
9Davison County23$14.5M72731.6
10Union County21$24.3M55537.8
11Custer County19$5.9M32758.1
12Butte County17$3.9M38044.7
13Hughes County16$20.4M63225.3
14Clay County14$4.4M29847.0
15McCook County13$3.5M18470.7
16Turner County11$2.8M26142.1
17Grant County11$15.2M28438.7
18Spink County10$3.1M19750.8
19Beadle County10$5.1M57317.5
20Yankton County9$5.5M70712.7
21Stanley County8$3.0M11967.2
22Deuel County8$5.0M14355.9
23Hamlin County7$6.7M21332.9
24Lake County6$2.4M33917.7
25Hutchinson County5$1.4M23920.9
26Fall River County5$2.4M20923.9
27Kingsbury County5$2.7M18826.6
28Marshall County4$1.4M14028.6
29Moody County4$2.0M15825.3
30Potter County4$1.1M9741.2
31Walworth County3$1.7M21014.3
32Roberts County3$4.2M23113.0
33Miner County2—7327.4
34Pine Ridge County2———
35Jones County2—4346.5
36Aurora County1—7812.8
37Lyman County1—8711.5
38Day County1—2264.4
39Campbell County1—5617.9
40Faulk County1—6415.6
41Bon Homme County1—1765.7
42Douglas County1—1019.9
43Mellette County1—2147.6
44Tripp County1—2005.0
45Corson County1—3925.6
46Hyde County1—4025.0

Industries

#Industry group (NAICS 4-digit)ApprovalsDollarsShare
1Restaurants and Other Eating PlacesNAICS 7225116$60.4M9.4%
2Offices of Other Health PractitionersNAICS 621352$14.9M4.2%
3Traveler AccommodationNAICS 721148$68.5M3.9%
4Automotive Repair and MaintenanceNAICS 811144$18.1M3.6%
5General Freight TruckingNAICS 484135$9.9M2.8%
6Building Equipment ContractorsNAICS 238234$14.6M2.7%
7Other Personal ServicesNAICS 812932$12.7M2.6%
8Residential Building ConstructionNAICS 236130$10.8M2.4%
9Child Day Care ServicesNAICS 624426$16.2M2.1%
10Other Specialty Trade ContractorsNAICS 238926$6.4M2.1%
11Foundation, Structure, and Building Exterior ContractorsNAICS 238125$10.2M2.0%
12Services to Buildings and DwellingsNAICS 561724$8.7M1.9%
13Other Amusement and Recreation IndustriesNAICS 713923$11.9M1.9%
14Personal Care ServicesNAICS 812123$6.2M1.9%
15Lessors of Real EstateNAICS 531116$8.0M1.3%

Sectors

#NAICS sectorApprovalsShare
1Accommodation and Food Services20016.2%
2Construction15612.6%
3Retail Trade15012.1%
4Other Services (except Public Administration)13510.9%
5Health Care and Social Assistance1199.6%
6Manufacturing937.5%
7Professional, Scientific, and Technical Services705.7%
8Transportation and Warehousing574.6%
9Wholesale Trade504.0%
10Administrative and Support and Waste Management and Remediation Services504.0%

Franchise brands

#BrandApprovalsShare
1Super 8 by Wyndhan50.4%
2Pizza Ranch50.4%
3B & G Milkyway50.4%
4Subway40.3%
5Scooter's Coffee40.3%
6Harms Oil Company40.3%
7Ace Hardware30.2%
8Econo Lodge30.2%
9Quality Inn30.2%
10Ziggi's Coffee30.2%

How earlier loans turned out

South Dakota, 7(a)5.4%
United States, 7(a)6.6%
South Dakota, 5041.7%
United States, 5041.2%
Share of disbursed loans approved FY2010–FY2021 that SBA records as charged off, by program.
Loans approved FY2010–FY2021SD 7(a)US 7(a)SD 504US 504
Approvals in these years1,713639,90586585,591
Cancelled or never disbursed18379,31311012,514
Disbursed loans1,530560,59275573,077
Paid in full1,247435,81334535,491
Charged off8236,89113905
Still outstanding (status exempt from disclosure)20187,88839736,681
Charged off, share of disbursed loans5.4%6.6%1.7%1.2%
Dollars charged off, share of disbursed dollars2.2%2.5%3.2%0.9%
Dollars charged off$11.2M$5.70bn$13.5M$499M

Approval sizes

Age of the businesses

Against the country

FY2021–FY2025South DakotaUnited States
Approvals per 1,000 establishments42.541.0
Median 7(a) approval$150K$190K
Median 504 approval$463K$657K
504 share of approvals40.5%11.0%
Jobs supported per approval, as reported9.010.5
Approvals, change on FY2016–FY202024%10%

Questions and answers

Which lenders make the most SBA loans in South Dakota?

By 7(a) approvals in FY2021 to FY2025: Black Hills FCU (81), The First National Bank in Sioux Falls (80), First Bank & Trust (61), U.S. Bank, National Association (51), First Interstate Bank (44). For 504 loans: Dakota Business Finance (261), Ally Dakota Development, Inc. (136), South Dakota Development Corporation (91). Volume says how active a lender is, nothing about terms or service.

How large are typical SBA loans in South Dakota?

The median 7(a) approval was $150K and the median 504 approval $463K; the average across both programs was $560K.

Which industries get the most SBA loans in South Dakota?

Restaurants and Other Eating Places (116); Offices of Other Health Practitioners (52); Traveler Accommodation (48); Automotive Repair and Maintenance (44); General Freight Trucking (35).

Which South Dakota counties receive the most SBA loans?

Minnehaha County (407), Pennington County (202), Lincoln County (143), Lawrence County (72), Codington County (52), by approvals in FY2021 to FY2025.

Is SBA lending in South Dakota rising?

Approvals in the three latest complete fiscal years total 690, against 808 in the three before: falling (-15%).

What share of SBA loans in South Dakota are charged off?

Of 7(a) loans approved in FY2010 to FY2021 and disbursed, 5.4% are recorded as charged off (national: 6.6%); for 504 loans the figure is 1.7% (national: 1.2%). Newer loans are left out because most have not had time to reach either outcome.

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