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.
