Best SBA Lenders in Sioux Falls, SD (2026)
2025 FOIA data: top lenders, rates & industries for Sioux Falls SBA loans
SBA Loans in Sioux Falls, South Dakota
Looking for an SBA loan in Sioux Falls, South Dakota? Based on 2025 FOIA data, 63 SBA 7(a) loans were funded in Sioux Falls totaling $27.1M, supporting an estimated 593 jobs. With 19 active lenders competing for business in the Sioux Falls market, comparing offers is essential to getting the best rate and terms.
The average SBA loan in Sioux Falls is $430K at an average rate of 9.4%. The top lender in Sioux Falls is The First National Bank in Sioux Falls, with the most-funded industry being Limited-Service Restaurants. See all South Dakota SBA lenders for statewide rankings.
SBA Loans in Sioux Falls by Business Type
Whether you’re starting a new business in Sioux Falls, buying an existing one, or expanding your current operation, here’s how SBA lending breaks down in your market:
Startups represent 14% of SBA loans in Sioux Falls (18 loans funded in 2025), which tells you how comfortable local lenders are funding new ventures without established operating history. Business acquisitions account for 21% (4 loans) — if you’re looking to buy a business in Sioux Falls, this is a proven use case for SBA financing. Existing businesses make up 52% and typically receive the most favorable terms.
Top SBA Lenders in Sioux Falls, SD (2025 Data)
The table below ranks every SBA 7(a) lender that funded loans to Sioux Falls businesses in 2025, ordered by total dollar volume. This data comes directly from SBA FOIA records:
| # | Lender | Volume | Loans | Avg Rate |
|---|---|---|---|---|
| 1 | The First National Bank in Sioux Falls | $10.0M | 18 | 7.96% |
| 2 | First Bank & Trust | $6.6M | 7 | 9.9% |
| 3 | CorTrust Bank National Association | $2.8M | 1 | 9.5% |
| 4 | Reliabank Dakota | $1.8M | 1 | 9% |
| 5 | First Dakota National Bank | $1.5M | 2 | 7.85% |
| 6 | Sunrise Banks National Association | $995K | 1 | 9.25% |
| 7 | The Huntington National Bank | $846K | 5 | 10.15% |
| 8 | Minnwest Bank | $615K | 2 | 10.25% |
| 9 | Levo Federal Credit Union | $551K | 7 | 8.75% |
| 10 | U.S. Bank, National Association | $328K | 10 | 10.92% |
The top lenders in Sioux Falls have direct experience with local businesses and understand the Sioux Falls market — commercial real estate values, local industry dynamics, and regional economic conditions. Pay attention to the “Avg Rate” column, as rates vary significantly between lenders. A 0.5-1.0% rate difference on a $500K loan translates to $15,000-$30,000 in savings over the life of the loan.
Don’t limit your search to banks listed above — many national SBA lenders also fund loans in Sioux Falls and may offer better rates. An SBA loan broker like GoSBA gives you access to both local and national lenders with one application.
Get Matched with the Best SBA Lender in Sioux Falls
One 5-minute application. 19+ lenders competing for your deal. GoSBA matches you to the best fit — free, no obligation.
Top Industries Funded in Sioux Falls
These are the industries that received the most SBA 7(a) funding in Sioux Falls in 2025. If your business is in one of these sectors, lenders are already familiar with your business model and may offer faster approvals:
| Industry | Loans | Volume |
|---|---|---|
| Limited-Service Restaurants | 5 | $5.0M |
| Industrial Building Construction | 1 | $2.8M |
| Poured Concrete Foundation and Structure Contractors | 1 | $2.1M |
| Financial Transactions Processing, Reserve, and Clearinghouse Activiti | 1 | $1.8M |
| Child Day Care Services | 2 | $1.3M |
| Other Building Equipment Contractors | 1 | $995K |
| Human Resources and Executive Search Consulting Services | 1 | $900K |
| Service Establishment Equipment and Supplies Merchant Wholesalers | 1 | $652K |
| All Other Amusement and Recreation Industries | 2 | $616K |
| Snack and Nonalcoholic Beverage Bars | 3 | $605K |
Lenders with experience funding your specific industry in Sioux Falls understand the local competitive landscape, typical revenue ranges, and seasonal patterns. This familiarity often translates to faster underwriting and more competitive terms. If your industry doesn’t appear above, SBA loans are available for nearly every legal business type — an SBA broker can match you with lenders who specialize in your sector.
How to Get an SBA Loan in Sioux Falls
Option 1: Apply directly to one of the top Sioux Falls lenders listed above. You’ll receive a single quote from one bank.
Option 2: Use an SBA loan broker (recommended). GoSBA Loans submits your application to multiple Sioux Falls-active lenders and national SBA lenders simultaneously. More offers means better rates, faster approvals, and zero cost to you — lenders pay the broker fee.
Frequently Asked Questions
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Data from SBA 7(a) FOIA records, Calendar Year 2025. Visit sba.gov for official info.
