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:
| State Rank | Bank | Headquarters | # Loans | Avg Loan | Avg Int |
|---|---|---|---|---|---|
| 1 | Wells Fargo | Sioux Falls, SD | 31 | $390,584 | 7.6% |
| 2 | Black Hills FCU | Rapid City, SD | 14 | $84,393 | 6.1% |
| 3 | U.S. Bank | Cincinnati, OH | 12 | $177,167 | 7.8% |
| 4 | Dacotah Bank | Aberdeen, SD | 11 | $273,956 | 5.5% |
| 5 | The First National Bank in Sioux Falls | Sioux Falls, SD | 10 | $235,100 | 5.8% |
| 6 | Great Western Bank | Watertown, SD | 6 | $193,000 | 5.6% |
| 7 | First National Bank | Fort Pierre, SD | 3 | $191,867 | 6.3% |
| 8 | Highmark FCU | Rapid City, SD | 3 | $544,800 | 5.4% |
| 9 | Liberty National Bank | Sioux City, IA | 3 | $115,000 | 6.3% |
| 10 | Minnwest Bank | Redwood Falls, MN | 3 | $973,167 | 6.1% |