Best SBA lenders
Best SBA lenders in South Dakota
The most active SBA lenders in South Dakota, ranked from every 7(a) and 504 loan in the SBA's public record, FY2010-2026. Dakota Business Finance leads with 588 loans funded.
By Mario Bailey · Source: SBA FOIA 7(a) and 504 data, FY2010–2026, as of 2026-03-31
Top SBA lenders in South Dakota
The full South Dakota ranking, by SBA loans funded since FY2010. Every figure is in-state: each lender's loans, dollars, average loan size, and 7(a) charge-off rate cover its South Dakota lending only, not its national book. A charge-off rate appears only when a lender has at least 20 funded 7(a) loans in South Dakota; below that line, and on 504-only lending, it reads “not reported,” never 0%.
| # | Lender | Loans | Total funded | Average loan | 7(a) charge-off |
|---|---|---|---|---|---|
| 1 | Dakota Business Finance | 588 | $398.9M | $678K | not reported |
| 2 | Ally Dakota Development, Inc. | 436 | $241.7M | $554K | not reported |
| 3 | Wells Fargo Bank National Association | 283 | $93.8M | $332K | 2.47% |
| 4 | Black Hills FCU | 256 | $41.9M | $164K | 3.52% |
| 5 | First Interstate Bank | 241 | $73.7M | $306K | 2.90% |
| 6 | The First National Bank in Sioux Falls | 177 | $54.3M | $307K | 2.82% |
| 7 | South Dakota Development Corporation | 160 | $108.0M | $675K | not reported |
| 8 | U.S. Bank, National Association | 138 | $19.9M | $144K | 2.17% |
| 9 | First Bank & Trust | 86 | $53.9M | $627K | 2.33% |
| 10 | First National Bank | 86 | $22.2M | $258K | 0.00% |
| 11 | Dacotah Bank | 77 | $28.2M | $367K | 6.49% |
| 12 | Minnwest Bank | 64 | $25.0M | $390K | 3.12% |
| 13 | Highmark FCU | 58 | $8.8M | $152K | 1.72% |
| 14 | First PREMIER Bank | 56 | $10.4M | $185K | 5.36% |
| 15 | First National Bank of Omaha | 48 | $13.4M | $279K | 4.17% |
| 16 | Pioneer Bank & Trust | 47 | $8.7M | $185K | 2.13% |
| 17 | First Dakota National Bank | 42 | $11.8M | $280K | 4.76% |
| 18 | Midwest Business Finance Corporation | 40 | $27.6M | $689K | not reported |
| 19 | BankWest, Inc | 35 | $13.7M | $392K | 0.00% |
| 20 | First Savings Bank | 33 | $7.0M | $214K | 3.03% |
| 21 | Northeast Bank | 31 | $4.2M | $137K | 3.23% |
| 22 | Levo Federal Credit Union | 31 | $2.5M | $81K | 0.00% |
| 23 | Reliabank Dakota | 28 | $8.1M | $289K | 0.00% |
| 24 | Home Federal Bank | 23 | $4.1M | $179K | 0.00% |
| 25 | American Bank and Trust | 22 | $11.1M | $504K | 0.00% |
SBA 7(a) and 504 loans, FY2010–2026, as of 2026-03-31, from the SBA's public record.
7(a) banks vs 504 lenders (CDCs) in South Dakota
The two SBA programs have different lenders. A 7(a) loan comes from one bank or credit union; a 504 project pairs a bank with a Certified Development Company (CDC), the nonprofit that funds the SBA-backed portion. The leaders in South Dakota by each program's loans funded since FY2010:
- 1. Wells Fargo Bank National Association 283 loans
- 2. Black Hills FCU 256 loans
- 3. First Interstate Bank 241 loans
- 4. The First National Bank in Sioux Falls 177 loans
- 5. U.S. Bank, National Association 138 loans
- 1. Dakota Business Finance 588 loans
- 2. Ally Dakota Development, Inc. 436 loans
- 3. South Dakota Development Corporation 160 loans
- 4. Midwest Business Finance Corporation 40 loans
Counts are each program's funded loans in South Dakota. How the two programs differ: 504 vs 7(a), by the data.
Where SBA lending concentrates in South Dakota
The 3 industries with the most SBA loans in South Dakota since FY2010, and the most active lender in each. A lender that leads your industry locally can matter more than the overall #1.
| Industry | Loans | Total funded | Most active lender |
|---|---|---|---|
| Accommodation and Food Services | 574 | $347.6M | Dakota Business Finance (105 loans) |
| Retail Trade | 547 | $270.6M | Ally Dakota Development, Inc. (71 loans) |
| Construction | 417 | $120.4M | U.S. Bank, National Association (48 loans) |
Full industry, city, and yearly breakdowns: SBA lending in South Dakota.
How this ranking works
- “Most active” means loans funded. The ranking counts every SBA 7(a) and 504 loan funded to South Dakota businesses in the SBA's public FOIA record, FY2010–2026, as of 2026-03-31. No lender pays to appear or to rank, and activity is not a fit score: the right lender for you depends on your industry, loan size, and timeline.
- The 10-loan line. A lender enters the South Dakota table only with at least 10 loans funded in-state, so one-off activity never reads as a track record. Industry cells above are held to at least 30 loans.
- Charge-off is 7(a)-only and needs 20+ loans. The SBA reports charge-offs on 7(a) loans, never on 504 loans. We show an in-state rate only when a lender has at least 20 funded 7(a) loans in South Dakota; anything thinner reads “not reported,” never 0%. It is a charge-off share of funded loans to date, not a lifetime default rate.
- Name collisions are excluded, and counted. The SBA does not normalize lender names across mergers and rebrands, so one name can blend several unrelated institutions. Flagged names are never ranked on this page; each exclusion is disclosed under the table.
The exact calculations and limits: methodology.
Best SBA lenders in South Dakota: frequently asked questions
Who is the most active SBA lender in South Dakota?
Dakota Business Finance is the most active SBA lender in South Dakota in the public record, with 588 7(a) and 504 loans funded since FY2010 ($398.9M in South Dakota). The ranking counts loans funded, never who pays us.
Do these lenders only serve South Dakota?
No. The ranking measures activity in South Dakota: loans funded to South Dakota businesses in the SBA's record. Many of these lenders are national or multi-state institutions; the loans, dollars, and charge-off figures shown are their South Dakota lending only.
What's the difference between a 7(a) lender and a CDC?
A 7(a) lender is a bank or credit union that funds an SBA-guaranteed loan directly. A Certified Development Company (CDC) is a nonprofit that funds the SBA-backed portion of a 504 project alongside a bank. Charge-off is reported only on 7(a) loans, so a 504-only CDC shows "not reported," never 0%.
How many SBA lenders are active in South Dakota?
41 lenders have funded at least 10 SBA loans in South Dakota since FY2010 in the public record (as of 2026-03-31). The table above names the 25 most active of them; names that blend several same-named institutions are excluded from rankings.
Mario Bailey. (2026). Best SBA lenders in South Dakota. SBA Loan Index. https://sbaloanindex.com/best-sba-lenders/in/sd/
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