SBA loans in South Dakota, FY2024

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 FY2024 (1 October 2023 to 30 September 2024) SBA approved 223 loans in South Dakota: 151 under 7(a) and 72 under 504, worth $119M.

That is up 13% on FY2023, when there were 197 approvals worth $113M.

South Dakota accounted for 0.3% of the 76,235 approvals nationwide that year. 39 lenders had at least one approval in the state; Dakota Business Finance had the most, 37.

223approvalsFY2023: 197

$119Mdollars approvedFY2023: $113M

$131Kmedian 7(a) approvalFY2023: $152K

39lenders with an approval

1,636jobs 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 39 lenders with the most approvals to South Dakota businesses in FY2024, of 39 active.

#	Lender	Program	Approvals	Dollars	Share of state	FY2023	Change
1	Dakota Business Finance	504	37	$31.7M	16.6%	25	+12
2	The First National Bank in Sioux Falls	7(a)	25	$8.6M	11.2%	4	+21
3	South Dakota Development Corporation	504	21	$17.8M	9.4%	16	+5
4	Black Hills FCU	7(a)	19	$4.4M	8.5%	27	-8
5	U.S. Bank, National Association	7(a)	15	$5.0M	6.7%	8	+7
6	First Bank & Trust	7(a)	15	$4.9M	6.7%	14	+1
7	Ally Dakota Development, Inc.	504	13	$7.4M	5.8%	21	-8
8	First Interstate Bank	7(a)	10	$5.0M	4.5%	18	-8
9	Wells Fargo Bank National Association	7(a)	9	$7.0M	4.0%	2	+7
10	BayFirst National Bank	7(a)	5	$900K	2.2%	4	+1
11	Northeast Bank	7(a)	5	$660K	2.2%	0	new
12	The Huntington National Bank	7(a)	4	$1.1M	1.8%	4	0
13	Readycap Lending, LLC	7(a)	4	$833K	1.8%	1	+3
14	Levo Federal Credit Union	7(a)	4	$205K	1.8%	2	+2
15	Pioneer Bank & Trust	7(a)	4	$179K	1.8%	5	-1
16	Dacotah Bank	7(a)	3	$1.2M	1.3%	1	+2
17	Newtek Bank, National Association	7(a)	3	$425K	1.3%	1	+2
18	Highmark FCU	7(a)	3	$300K	1.3%	3	0
19	Live Oak Banking Company	7(a)	2	—	0.9%	1	+1
20	Celtic Bank Corporation	7(a)	2	—	0.9%	2	0
21	American Bank and Trust	7(a)	2	—	0.9%	0	new
22	GBC International Bank	7(a)	1	—	0.4%	1	0
23	Legends West Bank	7(a)	1	—	0.4%	0	new
24	Heritage Bank Inc	7(a)	1	—	0.4%	2	-1
25	Customers Bank	7(a)	1	—	0.4%	0	new
26	Choice Financial Group	7(a)	1	—	0.4%	1	0
27	Liberty National Bank	7(a)	1	—	0.4%	0	new
28	Cache Valley Bank	7(a)	1	—	0.4%	0	new
29	Midwest Business Finance Corporation	504	1	—	0.4%	1	0
30	Campbell County Bank	7(a)	1	—	0.4%	0	new
31	Prairie Sun Bank	7(a)	1	—	0.4%	0	new
32	First Dakota National Bank	7(a)	1	—	0.4%	0	new
33	Milestone Bank	7(a)	1	—	0.4%	0	new
34	United Midwest Savings Bank National Association	7(a)	1	—	0.4%	2	-1
35	BankVista	7(a)	1	—	0.4%	0	new
36	Stearns Bank National Association	7(a)	1	—	0.4%	1	0
37	Shoreham Bank	7(a)	1	—	0.4%	0	new
38	Sentinel Federal Credit Union	7(a)	1	—	0.4%	0	new
39	UMB Bank, National Association	7(a)	1	—	0.4%	0	new

Approvals by county

#	County	Approvals	Dollars	Share of state	FY2023	Change
1	Minnehaha County	77	$42.3M	34.5%	69	+8
2	Pennington County	39	$19.4M	17.5%	35	+4
3	Lincoln County	24	$13.3M	10.8%	16	+8
4	Codington County	17	$10.3M	7.6%	7	+10
5	Lawrence County	10	$4.1M	4.5%	9	+1
6	Brookings County	9	$3.3M	4.0%	6	+3
7	Butte County	6	$2.2M	2.7%	2	+4
8	Davison County	4	$3.7M	1.8%	3	+1
9	Meade County	4	$1.7M	1.8%	12	-8
10	Turner County	4	$1.4M	1.8%	2	+2
11	Custer County	3	$344K	1.3%	3	0
12	Hamlin County	3	$4.6M	1.3%	1	+2
13	Hughes County	2	—	0.9%	2	0
14	Clay County	2	—	0.9%	3	-1
15	Union County	2	—	0.9%	4	-2
16	McCook County	2	—	0.9%	2	0
17	Walworth County	2	—	0.9%	0	new
18	Beadle County	2	—	0.9%	2	0
19	Lake County	1	—	0.4%	1	0
20	Brown County	1	—	0.4%	4	-3
21	Stanley County	1	—	0.4%	0	new
22	Hutchinson County	1	—	0.4%	1	0
23	Fall River County	1	—	0.4%	1	0
24	Roberts County	1	—	0.4%	1	0
25	Campbell County	1	—	0.4%	0	new
26	Deuel County	1	—	0.4%	1	0
27	Moody County	1	—	0.4%	1	0
28	Tripp County	1	—	0.4%	0	new
29	Pine Ridge County	1	—	0.4%	0	new

FY2024 against FY2023

South Dakota	FY2024	FY2023
7(a) approvals	151	134
7(a) dollars	$62.1M	$57.2M
Median 7(a) approval	$131K	$152K
504 approvals	72	63
504 dollars	$57.3M	$56.1M
Jobs supported, as reported	1,636	2,106

Questions and answers

Which lenders made the most SBA loans in South Dakota in FY2024?

Dakota Business Finance (37), The First National Bank in Sioux Falls (25), South Dakota Development Corporation (21), Black Hills FCU (19), U.S. Bank, National Association (15). 39 lenders had at least one approval.

How many SBA loans were approved in South Dakota in FY2024?

223: 151 under 7(a) worth $62.1M and 72 under 504 worth $57.3M.

Which South Dakota counties had the most SBA approvals in FY2024?

Minnehaha County (77), Pennington County (39), Lincoln County (24), Codington County (17), Lawrence County (10).

When does FY2024 start and end?

The federal fiscal year 2024 runs from 1 October 2023 to 30 September 2024.

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