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Small Business Loans in South Dakota

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10 Small Business Loans in South Dakota

Our article is the outcome of dedicated research into small business financing sources in South Dakota, anchored in concrete data. The entities are ranked by the quantity of small business loans they've extended over the current year. 

Essentially, this catalog features the financial institutions and lending bodies that are genuinely leading in providing loan support to small businesses within the state.

(This stands in contrast to various other online resources, which often highlight nonprofit organizations that infrequently offer loans or government initiatives that are inaccessible to many businesses!) 

Takeaway: Small, local banks do most of the small business lending in South Dakota. There are plenty of options for farmers. 

Methodology: The foundation of this analysis lies in the data from SBA 7a loans, meaning all the lenders mentioned here provide SBA loans. We've also included every other small business financing option they advertise on their web platforms.

Given that conventional banking institutions often stipulate stringent credit score prerequisites and a minimum of two years' operational history, we've chosen to begin our lineup with two lending solutions aimed at aiding small business proprietors who are navigating through challenges of poor credit and limited operational history.

1. Credit Suite

Credit Suite operates as both a business credit counseling and software firm, additionally providing two unconventional financing solutions.

Cash Flow Financing stands out as an excellent option for business operators who have been in the game for a few years but may not have an extensive credit history. 

This method allows you to use your business's cash flow as a basis for securing flexible funding. Instead of being tied down to rigid monthly installments, repayment is made through a portion of your business's continuous cash flow.

The Hybrid Credit Line is a financing option that solely evaluates personal credit quality, bypassing the need for detailed financials, bank statements, or business proposals. It's specifically crafted for a wide range of businesses with funding levels ranging from $5,000 to $150,000. 

Business financing options offered:

  • Credit Suite Cash Flow Financing
  • Credit Suite Credit Line Hybrid
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2. Black Hills Federal Credit Union

Black Hills is the only credit union on this list, and they issue more SBA 7a loans than any other lender in the state. Their start-up loan offering is rare - most banks don’t like to work with companies that have low time in business. Black Hills is definitely worth evaluating! 

Business financing options offered:

  • Business Equipment Loans

  • Business Line of Credit

  • Business Vehicle Loans

  • Commercial Real Estate Loans

  • SBA Loans

  • Start-Up Loans

3. First Interstate Bank

First Interstate Bank is based in nearby Montana and has a normal lineup of small business loans. They also specialize in agricultural lending. 

Business financing options offered:

  • Commercial Real Estate Loans

  • Agriculture Lending

  • SBA Loans - 7a, 504, and Express

  • Business Line of Credit

4. First Bank & Trust

Small regional bank with diverse business financing options. Particularly strong in real estate and agriculture.

Business financing options offered:

  • Real Estate Construction Loans

  • Business Real Estate Loans

  • Lines of Credit

  • SBA 7(a) Loan Program, 504, Express

  • Ag Lending

  • 1 Ag Business Credit Card

  • Equipment Financing

  • Invoice Financing

5. US Bank

US Bank, a significant national banking institution, offers a diverse range of business lending options. With its extensive network of physical branches, it's a familiar presence in many communities. 

Business financing options offered:

  • US Bank Quick Loan

  • Business Term Loan

  • Commercial Real Estate Loan

  • Equipment Financing

  • SBA Loans

  • Dental, Medical, and Vet Practice Loans

  • Business Line of Credit

  • Manage Cash Flow

  • Business Equity Line of Credit

  • Business Reserve Line

  • 4 Business Credit Cards

6. Pioneer Bank & Trust

Pioneer Bank & Trust is a small South Dakota bank with an ample selection of agricultural loan offerings.

Business financing options offered:

  • Lines of Credit

  • Construction Loans

  • Term Loans

  • SBA Loans

  • Rural Development Loans

7. The Huntington National Bank

The Huntington National Bank stands out not only as a leading small business lender within this state but also as the premier originator of SBA 7a loans nationwide.

This distinction places them among the top 10 lenders in almost every other state, underscoring their commitment to supporting small businesses.

Beyond SBA loans, Huntington provides an extensive array of other financing solutions tailored for small enterprises, such as equipment leasing, agricultural financing, and various real estate lending options.

Business financing options offered:

  • SBA 7a Loans

  • Equipment Leasing

  • Church Lending

  • Greek House Financing

  • Agricultural Loans

  • Warehouse Lending

  • Real Estate Loans, Term Loans, and Lines of Credit

8. The First National Bank in Sioux Falls

First National Bank in Sioux Falls is another local bank with a focus on SBA loans and agricultural loans. If you’re a farmer, they’re worth consideration. 

Business financing options offered:

  • SBA Loans

    • Term Loans

    • Letters and Lines of Credit

    • Small Business Loans

    • Medical & Dental Equipment Loans

  • Agribusiness Loans

    • Operating Loans

    • Equipment Loans

    • Installment Loans

    • Real Estate Loans

9. First National Bank

First National is a bank with a presence throughout South Dakota, however, they have affiliate banks throughout the nation. Their small business financing includes many options for commercial real estate, SBA loans, and agriculture. 

Business financing options offered:

  • Agriculture Loans

  • SBA Loans - 7a and 504

  • Commercial Real Estate Lending

    • Traditional 

    • Construction Loans

    • Value Add CRE Financing

    • Land Development Loans

    • Investor Owned Residential Real Estate Loans

10. BayFirst National Bank

BayFirst National specializes in SBA loans, promoting themselves with slogans like “Lightning Fast Business Loans!” and “In-house team, quick funding” on their website. They boast an internal underwriting team, ensuring both rapid processing and skilled handling of loans.

This in-house capability is particularly beneficial, given the typically lengthy process associated with securing SBA loans, offering them a significant edge in the market.

Business financing options offered:

  • SBA Loans

  • Commercial Real Estate Loans

  • Commercial Term Loans

  • Commercial Lines of Credit

  • Construction Loans

  • Heavy Equipment Financing

How to apply for a small business loan in South Dakota 

Getting your small business funded doesn't have to be overwhelming, regardless of how many steps may be involved. Let the leading business guides at Credit Suite help you along the way!

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