Last annual update:
Mostly South Dakota-based banks were among the largest lenders to “Mount Rushmore State” businesses through the U.S. Small Business Administration’s 7(a) program. Whether your business is a hotel, restaurant, auto repair, medical practice, veterinary or pharmacy, your mission is to exceed your customer expectations. So, if you’re ready to step up your business to the next level, here are the top 10 SBA Lenders in South Dakota:
Most active SBA lenders in South Dakota
| State Rank | Bank | Bank Headquarters | # of Loans | Avg Loan | Avg Interest |
|---|---|---|---|---|---|
| 1 | Wells Fargo | Sioux Falls, SD | 24 | $186,483 | 9.2% |
| 2 | U.S. Bank | Cincinnati, OH | 24 | $157,900 | 8.0% |
| 3 | The First National Bank in Sioux Falls | Sioux Falls, SD | 11 | $351,227 | 6.3% |
| 4 | Black Hills FCU | Rapid City, SD | 10 | $134,650 | 6.4% |
| 5 | Highmark FCU | Rapid City, SD | 10 | $116,520 | 5.4% |
| 6 | United Midwest Savings Bank | De Graff, OH | 6 | $117,000 | 7.8% |
| 7 | First National Bank | Fort Pierre, SD | 5 | $267,560 | 6.2% |
| 8 | Newtek Small Business Finance | Lake Success, NY | 4 | $1,466,500 | 7.8% |
| 9 | Dacotah Bank | Aberdeen, SD | 4 | $472,500 | 6.1% |
| 10 | First National Bank of Omaha | Omaha, NE | 4 | $389,900 | 6.5% |
| 11 | Great Western Bank | Sioux Falls, SD | 4 | $152,000 | 7.3% |
| 12 | Minnwest Bank | Redwood Falls, MN | 3 | $593,667 | 7.3% |
| 13 | First Savings Bank | Beresford, SD | 3 | $208,533 | 6.4% |
South Dakota PPP lenders (loans <$150,000)
| Rank | Bank | # PPP Loans |
|---|---|---|
| 1 | Dacotah Bank | 1,454 |
| 2 | First Dakota National Bank | 1,295 |
| 3 | Great Western Bank | 1,221 |
| 4 | First Bank & Trust | 1,209 |
| 5 | First PREMIER Bank | 1,149 |
| 6 | First Interstate Bank | 846 |
| 7 | American Bank & Trust | 786 |
| 8 | The First National Bank in Sioux Falls | 740 |
| 9 | BankWest | 709 |
| 10 | Black Hills FCU | 696 |
South Dakota PPP lenders (loans >$150,000)
| Rank | Bank | # PPP Loans |
|---|---|---|
| 1 | Great Western Bank | 172 |
| 2 | First Dakota National Bank | 164 |
| 3 | Dacotah Bank | 145 |
| 4 | The First National Bank in Sioux Falls | 139 |
| 5 | First Bank & Trust | 136 |
| 6 | First PREMIER Bank | 122 |
| 7 | First Interstate Bank | 87 |
| 8 | American Bank & Trust | 72 |
| 9 | Pioneer Bank & Trust | 70 |
| 10 | BankWest | 58 |
Note: South Dakota PPP loan activity data from the CARES Act from March – August and does not include Heals/Heroes Act PPP loans.