Small business loans in Sioux Falls, SD
Short answer
The most active SBA lenders in Sioux Falls, SD since FY2024 are The First National Bank in Sioux Falls (39 loans) and U.S. Bank (17). The median loan was $129,700, and half fell between $50,000 and $381,650. Source: SBA 7(a) loan data.
- SBA loans since FY2024
- 124
- approved since FY2024
- $49.16M
- median loan
- $129,700
- through SBA Express
- 30.6%
Lenders making SBA loans in Sioux Falls
The First National Bank in Sioux Falls made the most loans in Sioux Falls, 31% of the total. The five largest lenders together made 69%.
| Lender | Loans | Share |
|---|---|---|
| The First National Bank in Sioux Falls | 39 | 31.5% |
| U.S. Bank | 17 | 13.7% |
| First Bank & Trust | 15 | 12.1% |
| LevoCredit union | 7 | 5.6% |
| The Huntington National Bank | 7 | 5.6% |
Share is the percent of all Sioux Falls loans in that period. Each name links to that lender's page for South Dakota where one exists.
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Local help near Sioux Falls
Sioux Falls borrowers can start with SBA's district office for South Dakota, an SBDC or SCORE.
56% of Sioux Falls borrowers since FY2024 were startups or businesses two years old or younger. SBDCs provide counseling and training, and SCORE mentors give advice at no cost, according to SBA.
SBA has one district office for South Dakota. Its page points to state and federal resources and to lenders in the area. The South Dakota Small Business Development Center gives free counseling across South Dakota.
- SBA South Dakota District OfficeSBA district office
- South Dakota Small Business Development CenterSmall Business Development Center
- SCORE mentors in South DakotaBusiness mentoring
Alongside SBA loans, South Dakota runs two loan programs. The South Dakota page describes each, and the official pages are linked here.
Loan counts and sizes in Sioux Falls
Sioux Falls ranks 1st by loans since FY2024 among the 2 South Dakota cities with 100 or more SBA loans since FY2020. Nationally it is the 141st busiest of the 580 cities that reach 100 loans.
The 124 loans, 34.3% of the 361 in South Dakota, were approved for $49.2 million in all. The medianThe middle figure. Half the loans were larger and half were smaller. loan was $129,700, 14% below the national median of $150,300. Half of the loans fell between $50,000 and $381,650. The Sioux Falls median is 14% below the South Dakota median of $150,000.
| Measure | Sioux Falls | South Dakota | U.S. |
|---|---|---|---|
| Loans | 124 | 361 | 162,355 |
| Median loan | $129,700 | $150,000 | $150,300 |
| 25th percentile | $50,000 | $50,000 | $50,000 |
| 75th percentile | $381,650 | $484,700 | $500,000 |
| Via SBA Express | 30.6% | 32.7% | 35.8% |
| Lines of credit | 18.5% | 17.5% | 28.1% |
| Startups | 33.9% | 23.5% | 16.1% |
| Ownership changes | 8.1% | 14.1% | 10.4% |
| Median term | 10 years | 10 years | 10 years |
| Median spread | 2.75 | 2.55 | 2.75 |
| Charged off | 5.4% | 3.5% | 3.6% |
A quarter of loans were smaller than the 25th percentile loan and a quarter were larger than the 75th. Median spread is in percentage points over Prime. Charged off is the share of FY2020 to FY2022 loans a lender wrote off as a loss. It is shown only for groups of 30 loans or more. Fewer than 5 marks a share that would stand for 1 to 4 loans, which we do not publish. U.S. covers every loan in the file.
81% of the loans were $500,000 or less, the size SBA Express covers. 30.6% of all loans went through SBA Express, below the national 35.8%. Lines of credit were 18.5% of loans, below the national 28.1%.
Labels show each size's share of all loans. The highlighted bar is the size band that contains the median.
By business age, 35.5% of loans went to businesses more than two years old and 22.6% to businesses two years old or younger. Startups received 33.9% and changes of ownership 8.1%. The national startup share is 16.1%.
Fiscal years run October to September. The last bar covers nine of its twelve months.
Volume rose 42% from FY2024 (40 loans) to FY2025 (57), the two latest full years. The busiest full year in the file was FY2025, with 57 loans. FY2026 already shows 27 loans through June 30.
Of the 112 loans Sioux Falls borrowers received in FY2020 to FY2022, 5.4% were charged offThe lender wrote the loan off as a loss because it was not being repaid. by June 30, 2026, against 3.6% nationally. Lenders reported 1,051 jobs supported across the 124 loans since FY2024, about 8.5 per loan. SBA does not audit these estimates.
What businesses in Sioux Falls borrow for
Limited-Service Restaurants was the largest borrower group in Sioux Falls, with 8 loans or 6.5% of the total.
The five largest industries made up 23% of all Sioux Falls loans.
| Industry | Loans | Share | U.S. share |
|---|---|---|---|
| Limited-Service Restaurants | 8 | 6.5% | 3.3% |
| Full-Service Restaurants | 5 | 4.0% | 4.6% |
| Landscaping Services | 5 | 4.0% | 1.7% |
| Snack and Nonalcoholic Beverage Bars | 5 | 4.0% | 1.6% |
| Sporting Goods Retailers | 5 | 4.0% | 0.4% |
Share is the percent of all Sioux Falls loans in that period. Industry is the NAICS code on each loan. A name links to the South Dakota page for that industry where one exists.
A typical loan payment in Sioux Falls
The median Sioux Falls loan was $129,700 with a median term of 10 years.
The median variable-rate loan in Sioux Falls was priced at Prime plus 2.75 percentage points at approval. At today's Prime that spread works out to 9.75%. On $129,700 over 10 years, principal and interest would come to about $1,696 a month. That is arithmetic on past loans, not a rate a lender is offering.
| Loan | Amount | Monthly payment |
|---|---|---|
| 25th percentile loan | $50,000 | $654 |
| Median loan | $129,700 | $1,696 |
| 75th percentile loan | $381,650 | $4,991 |
Principal and interest only. Fees, a different term or a fixed rate change the payment. This is an illustration from SBA's file, not an offer.
SBA's rate ceiling for this loan size
SBA's maximum for a loan of $129,700 is Prime plus 6.0 percentage points, or 13.00% today. The median variable-rate loan here was priced 3.2 points under that ceiling. Source: 13 CFR § 120.214(d)(2); SOP 50 10 8.1, App. 18, Para. A.2 (p. 395).
Sioux Falls loans approved since FY2024 had a median starting rate of 9% at approval, against 10.25% nationally. Prime changed during those years, so use the spread above, not that rate, as the guide to today's cost.
Run your own numbers: payments on a $125,000 loan and SBA Express payment calculator.
SBA 504 loans near Sioux Falls
Sioux Falls has 71 SBA 504 loans since FY2024, with $64.1 million in SBA and CDC dollars.
The median 504 loan in Sioux Falls was $561,000 in SBA and CDC dollars, 11% of the $5,000,000 program maximum. The bank's share of each project is separate and is not counted in these figures.
Dakota Business Finance is the Certified Development CompanyA nonprofit that SBA certifies and regulates to arrange 504 loans together with a bank. (CDC) named on the most loans since FY2024, with 50. South Dakota Development Corporation follows with 18. The two CDCs listed are named on 68 loans between them.
| Certified Development Company | 504 loans |
|---|---|
| Dakota Business Finance | 50 |
| South Dakota Development Corporation | 18 |
How a 504 loan is split
A standard 504 project is 50% third party lender, 40% CDC debenture, 10% borrower. 504 money pays for major fixed assets such as land, buildings and long-term machinery and equipment, not working capitalMoney for day-to-day costs such as payroll, rent and inventory. Full definition or inventory. Source: SOP 50 10 8.1, Sec. C, Ch. 1, Para. B (p. 221). SBA keeps a list of Certified Development Companies.
South Dakota cities near Sioux Falls
Sioux Falls made up 34.3% of South Dakota's SBA loans since FY2024.
Sioux Falls is one of 2 South Dakota cities with 100 or more SBA loans since FY2020. The South Dakota page covers all 361 loans in South Dakota. The closest come first, ranked by county and ZIP code on their loans.
Common questions about SBA loans in Sioux Falls
Which lenders make the most SBA loans in Sioux Falls?
The First National Bank in Sioux Falls leads with 39 loans in Sioux Falls since FY2024. U.S. Bank (17) and First Bank & Trust (15) follow. Only lenders with five or more Sioux Falls loans are counted.
Which industries get SBA loans in Sioux Falls?
Limited-Service Restaurants leads with 8 loans in Sioux Falls since FY2024. Full-Service Restaurants (5) and Landscaping Services (5) follow.
How to read this
Counts come from SBA's 7(a) loan-level data release, as of June 30, 2026. The file lists loans SBA approved. It does not list declined applications, so it cannot show approval odds. We do not publish any figure built on fewer than 5 loans. Location is the borrower's address in the file, and city names are as SBA recorded them. Recent means FY2024 through June 30, 2026. Charge-off rates use FY2020 to FY2022 loans, the only years old enough to have had time to go bad. Jobs supported are lender-reported estimates. How we build these pages.
Sources
- SBA 7(a) and 504 FOIA loan-level data, as of June 30, 2026
- SBA, 504 loans
- SBA, resource partners: SBDCs and SCORE
- SBA South Dakota District Office
- South Dakota Small Business Development Center
- SCORE, South Dakota
- SOP 50 10 8.1, Sec. C, Ch. 1, Para. D.1 (p. 241); 13 CFR § 120.931
- SOP 50 10 8.1, Sec. C, Ch. 1, Para. B (p. 221)
- sba.gov/loans/504-loans; SOP 50 10 8.1, Sec. A, Ch. 3, Para. A (p. 51)
- SOP 50 10 8.1, Sec. B, Ch. 2, Para. B.1 (p. 126)
- 13 CFR § 120.214(d)(2); SOP 50 10 8.1, App. 18, Para. A.2 (p. 395)
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Cite this page: Small business loans in Sioux Falls, SD. SBA Express Loans, Janover Capital LLC (data as of June 30, 2026). https://www.sbaexpress.loans/south-dakota-small-business-loans/sioux-falls/
Ask lending partners about a loan in Sioux Falls
Tell us what you need and we refer your request to lending partners.
Janover Capital LLC is not a lender and is not the SBA. The lender makes the credit decision. A lender or marketplace may pay us a referral fee if we connect you, at no cost to you. Advertiser disclosure.