SBA loans in South Dakota, FY2023

That fiscal year's approvals by lender and by county.

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.

In FY2023 (1 October 2022 to 30 September 2023) SBA approved 197 loans in South Dakota: 134 under 7(a) and 63 under 504, worth $113M.

That is down 10% on FY2022, when there were 219 approvals worth $117M.

South Dakota accounted for 0.3% of the 63,286 approvals nationwide that year. 43 lenders had at least one approval in the state; Black Hills FCU had the most, 27.

197approvalsFY2022: 219

$113Mdollars approvedFY2022: $117M

$152Kmedian 7(a) approvalFY2022: $139K

43lenders with an approval

2,106jobs supported, as reported

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.

Approvals by lender

The 40 lenders with the most approvals to South Dakota businesses in FY2023, of 43 active.

#	Lender	Program	Approvals	Dollars	Share of state	FY2022	Change
1	Black Hills FCU	7(a)	27	$4.6M	13.7%	12	+15
2	Dakota Business Finance	504	25	$26.9M	12.7%	52	-27
3	Ally Dakota Development, Inc.	504	21	$18.4M	10.7%	30	-9
4	First Interstate Bank	7(a)	18	$5.4M	9.1%	6	+12
5	South Dakota Development Corporation	504	16	$10.3M	8.1%	17	-1
6	First Bank & Trust	7(a)	14	$16.0M	7.1%	9	+5
7	U.S. Bank, National Association	7(a)	8	$1.2M	4.1%	3	+5
8	Pioneer Bank & Trust	7(a)	5	$822K	2.5%	6	-1
9	The Huntington National Bank	7(a)	4	$1.0M	2.0%	0	new
10	First National Bank	7(a)	4	$921K	2.0%	12	-8
11	The First National Bank in Sioux Falls	7(a)	4	$708K	2.0%	9	-5
12	BayFirst National Bank	7(a)	4	$555K	2.0%	1	+3
13	Security Savings Bank	7(a)	3	$1.3M	1.5%	1	+2
14	First National Bank of Omaha	7(a)	3	$475K	1.5%	0	new
15	Highmark FCU	7(a)	3	$213K	1.5%	12	-9
16	Byline Bank	7(a)	2	—	1.0%	0	new
17	Heritage Bank Inc	7(a)	2	—	1.0%	0	new
18	Heritage Bank, National Association	7(a)	2	—	1.0%	1	+1
19	First Savings Bank	7(a)	2	—	1.0%	1	+1
20	Plains Commerce Bank	7(a)	2	—	1.0%	0	new
21	United Midwest Savings Bank National Association	7(a)	2	—	1.0%	3	-1
22	First PREMIER Bank	7(a)	2	—	1.0%	3	-1
23	Celtic Bank Corporation	7(a)	2	—	1.0%	1	+1
24	Levo Federal Credit Union	7(a)	2	—	1.0%	0	new
25	Wells Fargo Bank National Association	7(a)	2	—	1.0%	11	-9
26	Enterprise Bank & Trust	7(a)	1	—	0.5%	0	new
27	GBC International Bank	7(a)	1	—	0.5%	1	0
28	Hanover Community Bank	7(a)	1	—	0.5%	0	new
29	First Service Bank	7(a)	1	—	0.5%	0	new
30	Midwest Business Finance Corporation	504	1	—	0.5%	2	-1
31	Newtek Bank, National Association	7(a)	1	—	0.5%	0	new
32	Live Oak Banking Company	7(a)	1	—	0.5%	1	0
33	Five Star Bank	7(a)	1	—	0.5%	0	new
34	Dacotah Bank	7(a)	1	—	0.5%	5	-4
35	Stearns Bank National Association	7(a)	1	—	0.5%	0	new
36	Scale Bank	7(a)	1	—	0.5%	0	new
37	Bravera Bank	7(a)	1	—	0.5%	0	new
38	Choice Financial Group	7(a)	1	—	0.5%	0	new
39	Georgia Banking Company	7(a)	1	—	0.5%	0	new
40	Pathward National Association	7(a)	1	—	0.5%	0	new

Approvals by county

#	County	Approvals	Dollars	Share of state	FY2022	Change
1	Minnehaha County	69	$48.7M	35.0%	78	-9
2	Pennington County	35	$19.3M	17.8%	38	-3
3	Lincoln County	16	$7.0M	8.1%	18	-2
4	Meade County	12	$4.8M	6.1%	11	+1
5	Lawrence County	9	$2.2M	4.6%	14	-5
6	Codington County	7	$4.2M	3.6%	10	-3
7	Brookings County	6	$1.8M	3.0%	9	-3
8	Brown County	4	$1.2M	2.0%	2	+2
9	Union County	4	$3.6M	2.0%	4	0
10	Davison County	3	$1.2M	1.5%	4	-1
11	Clay County	3	$885K	1.5%	0	new
12	Kingsbury County	3	$1.2M	1.5%	0	new
13	Custer County	3	$266K	1.5%	4	-1
14	Hughes County	2	—	1.0%	3	-1
15	Butte County	2	—	1.0%	6	-4
16	McCook County	2	—	1.0%	1	+1
17	Turner County	2	—	1.0%	0	new
18	Beadle County	2	—	1.0%	1	+1
19	Lake County	1	—	0.5%	1	0
20	Yankton County	1	—	0.5%	5	-4
21	Marshall County	1	—	0.5%	1	0
22	Lyman County	1	—	0.5%	0	new
23	Hutchinson County	1	—	0.5%	1	0
24	Fall River County	1	—	0.5%	1	0
25	Day County	1	—	0.5%	0	new
26	Roberts County	1	—	0.5%	1	0
27	Hamlin County	1	—	0.5%	0	new
28	Grant County	1	—	0.5%	2	-1
29	Deuel County	1	—	0.5%	0	new
30	Moody County	1	—	0.5%	0	new
31	Jones County	1	—	0.5%	1	0

FY2023 against FY2022

South Dakota	FY2023	FY2022
7(a) approvals	134	117
7(a) dollars	$57.2M	$35.3M
Median 7(a) approval	$152K	$139K
504 approvals	63	102
504 dollars	$56.1M	$81.4M
Jobs supported, as reported	2,106	1,927

Questions and answers

Which lenders made the most SBA loans in South Dakota in FY2023?

Black Hills FCU (27), Dakota Business Finance (25), Ally Dakota Development, Inc. (21), First Interstate Bank (18), South Dakota Development Corporation (16). 43 lenders had at least one approval.

How many SBA loans were approved in South Dakota in FY2023?

197: 134 under 7(a) worth $57.2M and 63 under 504 worth $56.1M.

Which South Dakota counties had the most SBA approvals in FY2023?

Minnehaha County (69), Pennington County (35), Lincoln County (16), Meade County (12), Lawrence County (9).

When does FY2023 start and end?

The federal fiscal year 2023 runs from 1 October 2022 to 30 September 2023.

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