SBA loans play a crucial role in providing financial assistance to entrepreneurs and small business owners. For those in South Dakota seeking SBA loans, understanding the key players in the lending landscape is essential. Here’s a breakdown of the top SBA lenders in South Dakota based on the number of loans, average loan amount, and average interest rates.
South Dakota Preferred SBA Lenders
| Rank | Bank | Bank HQ | # of Loans | Avg Loan | Avg Interest |
|---|---|---|---|---|---|
| 1 | Black Hills FCU | Rapid City, SD | 14 | $174,771 | 6.8% |
| 2 | First Bank & Trust | Brookings, SD | 12 | $986,583 | 6.8% |
| 3 | First Interstate Bank | Billings, MT | 8 | $738,825 | 5.9% |
| 4 | First National Bank | Fort Pierre, SD | 8 | $128,113 | 5.7% |
| 5 | The First National Bank in Sioux Falls | Sioux Falls, SD | 8 | $140,588 | 6.0% |
| 6 | U.S. Bank | Cincinnati, OH | 8 | $273,475 | 7.2% |
| 7 | Wells Fargo | Sioux Falls, SD | 8 | $16,238 | 9.4% |
| 8 | Highmark FCU | Rapid City, SD | 7 | $102,929 | 5.5% |
| 9 | Pioneer Bank & Trust | Belle Fourche, SD | 6 | $211,000 | 6.9% |
| 10 | United Midwest Savings Bank | De Graff, OH | 6 | $126,667 | 7.3% |
| 11 | Dacotah Bank | Aberdeen, SD | 3 | $132,533 | 4.8% |
Top Industries for SBA loans in South Dakota
| Rank | Industry | # of Loans | Avg Loan | Avg Interest |
|---|---|---|---|---|
| 1 | Full-Service Restaurants | 6 | $386,600 | 5.5% |
| 2 | Engineering Services | 4 | $591,750 | 7.1% |
| 3 | Limited-Service Restaurants | 4 | $212,525 | 8.0% |
| 4 | Retail Bakeries | 3 | $24,333 | 8.3% |
| 5 | Couriers | 3 | $313,233 | 8.7% |
| 6 | General Freight Trucking, Long Distance, Truckload | 3 | $115,867 | 8.6% |
| 7 | Landscaping Services | 3 | $67,467 | 6.1% |
| 8 | Offices of Physical, Occupational and Speech Therapists, and Audiologi | 3 | $639,400 | 4.8% |
| 9 | Poured Concrete Foundation and Structure Contractors | 3 | $71,933 | 6.4% |
Top SBA Loan Franchises in South Dakota
| Rank | FranchiseName | # of Loans | Avg Loan | Avg Interest |
|---|---|---|---|---|
| 1 | InXpress | 2 | $150,000 | 9.8% |
| 2 | Ziggi’s Coffee | 2 | $405,500 | 8.3% |
| 3 | Mosquito Shield | 2 | $80,000 | 6.0% |
| 4 | Window Genie | 2 | $150,000 | 6.0% |
Top South Dakota SBA Loan Borrowers by Jobs Supported
| Rank | Business | Location | Industry | Loan Size | Interest Rate | Jobs |
|---|---|---|---|---|---|---|
| 1 | WINDWALKER TRANSPORTATION INC. | Sioux Falls, SD | General Freight Trucking, Local | $500K – $1M | 1.3% | 120 |
| 2 | SANDBAR PARTNERS LLC | Sioux Falls, SD | Full-Service Restaurants | $500K – $1M | 7.3% | 46 |
| 3 | TNT ENTERPRISES LLC | Sisseton, SD | $2.5M – $5M | 8.5% | 42 | |
| 4 | PIP AND YOU LLC | Rapid City, SD | $250K or less | 8.5% | 37 | |
| 5 | B&G CLIFF INC. | Sioux Falls, SD | $250K or less | 5.3% | 32 | |
| 6 | TDL INC. | Spearfish, SD | Limited-Service Restaurants | $500K – $1M | 5.8% | 32 |
| 7 | JP REINICKE INC | Rapid City, SD | Snack and Nonalcoholic Beverage Bars | $250K – $500K | 8.3% | 30 |
| 8 | HEINZERLING CONCRETE LLC | Spearfish, SD | New Single-Family Housing Construction (except Operative Builders) | $250K or less | 8.0% | 28 |
| 9 | RAPID CITY PHYSICAL THERAPY I | Rapid City, SD | Offices of Physical, Occupational and Speech Therapists, and Audiologi | $500K – $1M | 4.8% | 28 |
| 10 | PLAINS MEDICAL STAFFING INC | Tea, SD | All Other Professional, Scientific, and Technical Services | $250K – $500K | 6.3% | 27 |
| 11 | BOWSHER PROPERTIES LLC | Milbank, SD | Full-Service Restaurants | $500K – $1M | 4.5% | 27 |
| 12 | OAK & OLIVE LLC | Sioux Falls, SD | Full-Service Restaurants | $250K or less | 5.0% | 25 |
| 13 | RAMES ENTERPRISES INC. | Sioux Falls, SD | All Other Personal Services | $250K or less | 5.7% | 23 |
| 14 | SYRCO ENTERPRISES LLC | Watertown, SD | Drycleaning and Laundry Services (except Coin-Operated) | $1M – $2.5M | 7.5% | 22 |
| 15 | PPTS LLC | Rapid City, SD | Engineering Services | $500K – $1M | 6.4% | 20 |
| 16 | CENTRAL VALLEY DAIRY SUPPLY IN | Brandon, SD | Farm Supplies Merchant Wholesalers | $500K – $1M | 6.5% | 17 |
| 17 | ELFSTRAND’S ACE HARDWARE | Mitchell, SD | $250K – $500K | 8.3% | 14 | |
| 18 | FEDELER VETERINARY SERVICES L | Brookings, SD | Veterinary Services | $250K – $500K | 6.4% | 13 |
| 19 | EWC SD ONE LLC | Sioux Falls, SD | Other Personal Care Services | $250K – $500K | 5.5% | 13 |
| 20 | VECTRA INTERNATIONAL INC. | North Sioux City, SD | Meat and Meat Product Merchant Wholesalers | $2.5M – $5M | 6.0% | 13 |
| 21 | CREATIVE METAL SOLUTIONS INC. | Sioux Falls, SD | All Other Miscellaneous Fabricated Metal Product Manufacturing | $250K or less | 4.0% | 12 |
| 22 | PHYSIO PERFORMANCE PROF. LLC | Rapid City, SD | Offices of Physical, Occupational and Speech Therapists, and Audiologi | $250K or less | 5.0% | 11 |
| 23 | SODAK SODA LLC | Sioux Falls, SD | Soft Drink Manufacturing | $250K or less | 5.8% | 11 |
| 24 | PAPA WOODY’S WOOD FIRED PIZZA | Sioux Falls, SD | Full-Service Restaurants | $250K – $500K | 6.0% | 11 |
Note about SBA lenders near me in South Dakota
When it comes to top South Dakota SBA lenders, it’s a common inquiry whether any of the listed banks are 1) included in the South Dakota preferred lender list, 2) approved lenders in South Dakota, or 3) active participants in the South Dakota SBA Express lending program. These queries center around the ability of a given SBA bank to facilitate small business SBA loans in South Dakota swiftly. The answer is an unequivocal yes. These aren’t your run-of-the-mill banks making only a handful of SBA loans annually; these are institutions well-versed in the intricacies of the SBA 7(a) loan program. They stand out as the top performers in South Dakota, as evidenced by our thorough analysis of thousands of SBA loans each year, leading us to rank lenders based on recent activity.
It’s crucial to note that while some banks may limit their lending to specific regions, there exist a select few highly assertive nationwide SBA lenders that operate nationally. These lenders possess a profound understanding of the SBA program and execute transactions with remarkable speed. Therefore, we advise against restricting your search solely to your home state. Our lender match tool proves invaluable in this regard. By utilizing it, we can identify suitable SBA banks tailored to your specific needs, be it geography, industry, company size, all at no cost or obligation to you. This service aims to save you valuable time and ensure a seamless SBA loan process.