SBA Lenders in South Dakota
Top lenders ranked by real SBA lending data. See who's most active in South Dakota across deal count, loan size, and pricing.
What Borrowers Should Know
South Dakota's median 7(a) spread of P+2.23% is 52 basis points lower than the national median of P+2.75%, meaning borrowers here pay meaningfully less interest on SBA loans. This competitive pricing likely reflects strong relationships between local lenders and the SBA program, but you should still shop among the 104 active lenders to ensure you're getting the best rate for your credit profile.
Ally Dakota Development dominates with 428 deals (20% of all SD SBA lending), but the top 5 lenders account for only 1,309 of 2,107 total deals—meaning 62% of volume is distributed across 99 other lenders. This fragmented market gives you real negotiating power; you're not locked into one or two dominant players, and smaller lenders often move faster on underwriting.
The average deal size of $387,958 suggests South Dakota's SBA market is skewed toward smaller businesses relative to national patterns. If you're seeking a loan under $400K, you'll find efficient, streamlined processes here. However, if you need significantly more capital, you may face less lending infrastructure and should confirm lender appetite before investing time in applications.
Total SBA Loans
2,142
Active Lenders
100
Avg Deal Size
$385K
Total Volume
$825.4M
Top 10 Lenders in South Dakota
Ranked by total deal count across all SBA programs.
| # | Lender | Type | Deals | Avg Size | Spread | |
|---|---|---|---|---|---|---|
| 1 | Ally Dakota Development, Inc. | CDC/504 | 428 | $551K | — | |
| 2 | Wells Fargo Bank National Association | Bank | 281 | $332K | P + 2.61%AVERAGE | |
| 3 | Black Hills FCU | Bank | 254 | $164K | P + 2.25%GOOD | |
| 4 | First Interstate Bank | Bank | 238 | $307K | P + 2.13%GOOD | |
| 5 | U.S. Bank, National Association | Bank | 136 | $146K | P + 2.40%AVERAGE | |
| 6 | First National Bank | Bank | 85 | $260K | P + 2.25%GOOD | |
| 7 | First Bank & Trust | Bank | 76 | $632K | P + 1.66%GOOD | |
| 8 | Dacotah Bank | Bank | 75 | $372K | P + 1.65%GOOD | |
| 9 | Highmark FCU | Bank | 58 | $152K | P + 1.16%COMPETITIVE | |
| 10 | First National Bank of Omaha | Bank | 47 | $274K | P + 1.50%COMPETITIVE |
Top Industries in South Dakota
SBA lending activity by industry segment.