SBA loans by state
SBA loans in South Dakota: 115 approvals in FY 2026, median $264,000
Only 3% of variable loans sat at the SBA maximum. The state used 504 loans heavily: 76 approvals for $62.9 million.
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Your loan against approvals in your state
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South Dakota: 7(a) loans approved last year
115
| Your rate vs. last year’s loans of this size, all states | about the median for this size |
| South Dakota: median rate at approval, $250,001 to $350,000 | 9.50% |
| South Dakota: median 7(a) loan last year | $264,000 |
| Payment over 10 years, SBA fee added to the loan | $3,530/mo |
Last year’s loans: the 7(a) loans SBA approved from October 1, 2025 to September 30, 2026 (fiscal year 2026), in SBA’s public loan file of September 30, 2026. Rates at approval were set when prime was 6.75% or 7.00%; today: prime rate 7.00% on November 2, 2026. Your rate is compared on its margin over prime, so the change in prime since last year does not count against you.
South Dakota, FY 2026: 115 SBA 7(a) approvals for $60.7 million (47th of the 50 states and DC, SBA file of September 30, 2026). Only 3% of variable loans sat at the SBA maximum. The state used 504 loans heavily: 76 approvals for $62.9 million. Home-state lenders made 57% of the loans, against 26% nationwide. 28% of loans went to businesses not yet open. 42% of loans had a fixed rate, against 13% nationally. 36 lenders were active, a wide field for the volume. Businesses under two years old took 23% of loans. Loan sizes were even, with an average of $527,557. The median loan, $264,000, was the 14th largest of the 50 states and DC. Credit unions made 6% of loans. Today’s cap on a $264,000 variable loan: 11.50%.
Fee notices read and loan file counted by Radif Partners · Editorial policy · Method and sources
| Lender | FY 2026 loans | Median loan | Median variable rate | Lender’s home state |
|---|---|---|---|---|
| First Bank & Trust | 21 | $646,100 | n/a | South Dakota (in-state) |
| First National Bank in Sioux Falls | 14 | $146,000 | n/a | South Dakota (in-state) |
| Black Hills FCU | 7 | $45,400 | n/a | South Dakota (in-state) |
| U.S. Bank | 7 | $50,000 | n/a | Ohio |
| Pioneer Bank & Trust | 6 | $71,900 | n/a | South Dakota (in-state) |
Almost nobody pays the maximum
Just 3% of South Dakota’s variable loans were at the SBA ceiling, 2nd lowest among the 50 states and DC. Lenders here compete below the cap, so the median for your loan size, in the table above, is the better benchmark.
A leading 504 state
Relative to its 7(a) volume, South Dakota uses 504 debentures more than almost anywhere: 76 of them for $62.9 million, a ratio to 7(a) loans the highest among the 50 states and DC. Dakota Business Finance arranged 42 on its own. Building owners here can count on a CDC that knows the local market.
One of the most home-grown SBA markets
Few states rely on their own banks the way South Dakota does: 57% of its loans came from a lender headquartered there, 3rd highest among the 50 states and DC. First Bank & Trust, First National Bank in Sioux Falls and Black Hills FCU carry most of that. Margins: 1.25 points over prime at the median for in-state lenders, 2.75 points for the others.
A start-up state
With 28% of loans going to businesses not yet open, South Dakota ranks the highest among the 50 states and DC for start-up lending. Every one of those borrowers had to put in at least 10% of the project cost, under SOP 50 10 8.1.
| Loan size | Loans | Median variable rate, FY 2026 | SBA maximum today |
|---|---|---|---|
| $50,000 or less | 18 | 9.62% | 13.50% |
| $50,001 to $250,000 | 39 | 9.62% | 13.00% |
| $250,001 to $350,000 | 18 | 9.50% | 11.50% |
| over $350,000 | 40 | 8.50% | 10.00% |
A fixed-rate market
South Dakota lenders wrote 42% of their SBA loans at a fixed rate, the highest among the 50 states and DC, at a median of 7.99%. The fixed cap, prime plus 5 to 8 points, is set in the Federal Register notice of August 1, 2022.
More lenders per loan than most states
36 lenders made South Dakota’s 115 loans. For that many loans, its number of lenders is the 3rd highest among the 50 states and DC. Shopping the same project to three or four of them is realistic here.
Young firms get a big share
Businesses open two years or less received 23% of South Dakota’s SBA loans, 4th highest among the 50 states and DC. With little history to show, these borrowers are judged largely on the owners’ experience, their personal credit and the projections in the business plan.
Loan sizes are even
The average South Dakota loan, $527,557, was only 2.0 times the median, one of the narrowest gaps in the country: few very large loans, and a market built around mid-size ones.
Counties with the most approvals: Minnehaha (37), Lincoln (20) and Pennington (12). Trades: limited-service restaurants (7), full-service restaurants (6), fitness and recreational sports centers (5), other personal care services (3) and other building material dealers (3).
All states compared.