SBA lending by state
SBA Lending in South Dakota
In South Dakota, SBA lenders funded 3,579 7(a) and 504 loans since FY2010, totaling $1.6B, an average of $445K per loan. The most active lender is Dakota Business Finance, and the most-funded industry is Accommodation and Food Services.
By Mario Bailey · Source: SBA FOIA data, FY2010–2026 (as of 2026-03-31)
Top SBA lenders in South Dakota
Ranked by SBA loans funded in South Dakota since FY2010. Each lender's figures, including its 7(a) charge-off rate, cover its South Dakota loans only. Charge-off is reported on 7(a) loans, never on 504 loans, so a lender without a reliable 7(a) sample in South Dakota shows “not reported,” never 0%.
See the full South Dakota ranking : up to 25 lenders, with the 7(a) vs 504 leaders and industry context.
| # | 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% |
SBA 7(a) and 504 loans, FY2010–2026, as of 2026-03-31, from the SBA's public record.
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504 lenders (CDCs) in South Dakota
An SBA 504 project in South Dakota pairs two lenders: a bank or credit union funds roughly half the cost as a first mortgage, and a Certified Development Company (CDC) funds about 40% through an SBA-backed debenture, with the borrower putting down around 10%. Below are the CDCs most active on 504 loans in South Dakota, ranked by 504 loans funded in the state since FY2010. Figures are 504-only; charge-off is reported on 7(a) loans only and does not apply to CDCs.
| CDC | 504 loans | 504 volume |
|---|---|---|
| Dakota Business Finance | 588 | $398.9M |
| Ally Dakota Development, Inc. | 436 | $241.7M |
| South Dakota Development Corporation | 160 | $108.0M |
| Midwest Business Finance Corporation | 40 | $27.6M |
| Lake Agassiz Certified Development Company | 4 | $1.6M |
| Dakota Business Lending | 3 | $4.9M |
| Siouxland Economic Development Corporation | 3 | $2.0M |
| Wyoming Capital Access | 1 | $578K |
All Certified Development Companies · Current 504 loan rates · How 504 loans work
Top industries funded in South Dakota
| Industry | Loans | Total volume |
|---|---|---|
| Accommodation and Food Services | 574 | $347.6M |
| Retail Trade | 547 | $270.6M |
| Manufacturing | 307 | $186.7M |
| Health Care and Social Assistance | 334 | $138.3M |
| Construction | 417 | $120.4M |
| Other Services | 373 | $119.2M |
| Wholesale Trade | 136 | $89.3M |
| Professional and Technical Services | 193 | $58.3M |
Top cities for SBA loans in South Dakota
Where SBA 7(a) and 504 borrowers in South Dakota are located, by funded volume.
| City | Loans | Total volume |
|---|---|---|
| Sioux Falls | 1,059 | $521.5M |
| Rapid City | 536 | $221.2M |
| Watertown | 112 | $60.1M |
| North Sioux City | 33 | $41.1M |
| Aberdeen | 98 | $40.8M |
| Pierre | 67 | $40.2M |
| Brandon | 78 | $39.7M |
| Spearfish | 115 | $39.3M |
SBA lending by metro area in South Dakota
Which lenders fund each South Dakota market, with local loan sizes and industries.
- SBA lenders in Sioux Falls, SD 1,580 loans
- SBA lenders in Rapid City, SD 773 loans
- SBA lenders in Sioux City, IA 329 loans
- SBA lenders in Spearfish, SD 178 loans
- SBA lenders in Watertown, SD 116 loans
- SBA lenders in Pierre, SD 85 loans
- SBA lenders in Aberdeen, SD 120 loans
- SBA lenders in Brookings, SD 99 loans
- SBA lenders in Mitchell, SD 87 loans
- SBA lenders in Yankton, SD 50 loans
- SBA lenders in Huron, SD 32 loans
SBA lending in South Dakota by year
Funded SBA volume by approval fiscal year (FY2010–2026).
| Fiscal year | Loans | Total volume |
|---|---|---|
| 2010 | 304 | $75.1M |
| 2011 | 217 | $63.2M |
| 2012 | 227 | $91.3M |
| 2013 | 155 | $63.0M |
| 2014 | 160 | $57.6M |
| 2015 | 188 | $87.9M |
| 2016 | 180 | $70.6M |
| 2017 | 203 | $89.9M |
| 2018 | 192 | $79.2M |
| 2019 | 161 | $67.9M |
| 2020 | 261 | $105.4M |
| 2021 | 327 | $181.4M |
| 2022 | 219 | $116.8M |
| 2023 | 197 | $113.3M |
| 2024 | 224 | $119.6M |
| 2025 | 270 | $161.6M |
| 2026 | 94 | $50.1M |
SBA lending in South Dakota: frequently asked questions
How much SBA lending is there in South Dakota?
SBA lenders funded 3,579 7(a) and 504 loans totaling $1.6B in South Dakota in the public SBA data (as of 2026-03-31), an average of $445K per loan.
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 data, by loans funded.
What industries get the most SBA loans in South Dakota?
The most-funded industry for SBA loans in South Dakota is Accommodation and Food Services.
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