Small Business Loans in South Dakota

According to financial news website The Blueprint, South Dakota is the second-best state to start a business in the U.S. 

Once you’re up and running, though, where do you turn when you need funding to keep up with customer demand, expand or get through a short-term lull in business? 

Here are several top lenders when you’re in the market for small business loans in South Dakota, including Small Business Administration (SBA) loans.

There are nearly 88,200 small businesses in the state employing more than 209,000 workers, according to the SBA. Agriculture is the state’s largest industry. Specifically, South Dakota is known for such crops as soybeans, corn, wheat, hay and sunflowers, as well as its cattle industry. Other sectors that contribute significantly to the economy of South Dakota include:

• Tourism
• Retail trade
• Manufacturing

1. Reliabank

Reliabank has earned a 4.3-star WalletHub rating and is A+ rated with the Better Business Bureau (BBB). If you’re looking for SBA South Dakota loans, you’ll find them here. Other available financing options include: 

• Term loans
• Credit lines
• Real estate loans
• Letters of credit 
• Business credit cards

2. First Dakota National Bank

First Dakota National Bank is A+ rated with the BBB. It’s also been listed as one of 2021’s Best Banks in South Dakota by WalletHub, where reviewers on the website have given the bank a 3.8-star rating.

Here, you’ll find these business loans:

• SBA loans
• Microloans
• Real estate loans
• Inventory financing
• Receivables financing
• Equipment financing
• Letters of credit
• Business lines of credit

3. Minnwest Bank

Another SBA South Dakota lender, Minnwest Bank has a 4.6-star Facebook rating. It’s also made a spot on WalletHub’s 2021 Best Bank in South Dakota list, where it’s been given a 4.3-star rating by website reviewers. 

These financing options are available to small business applicants:

• Business lines of credit
• Business term loans
• Equipment loans and leases
• Real estate loans
• Operating loans and lines of credit
• Farm Service Agency loans
• Rural Finance Authority loans

4. Security National Bank 

This bank is a subsidiary of Security National Corp., which was chartered in 1884. Today, Security National Bank is accredited by the BBB, where it’s earned an A+ rating. In addition to offering SBA South Dakota loans, this bank offers the following business financing:

• Term loans
• Letters of credit
• Real estate loans
• Construction loans
• Revolving lines of credit
• Business credit cards

5. First Bank & Trust

First Bank & Trust has been given a 4.3-star rating on SmartAsset as well as a 4.5-star Facebook rating. This bank offers SBA Express, 7(a) and 504 loans to South Dakota business owners as well as the following:

• Equipment financing
• Business expansion loans
• Real estate construction loans
• Business real estate loans
• Business lines of credit

When you’re in search of South Dakota business loans, banks aren’t your only option. While they’re known for being able to offer qualified borrowers competitive rates and terms, the process to apply and receive funding can take time. 

If you need access to capital quickly, consider applying with an online nonbank lender or alternative lending marketplace. Thanks to electronic underwriting processes, applications are streamlined and funding is fast. Additionally, many small business owners who have been turned down with banks may qualify. 

Alternative lenders also look at more than a borrower’s credit score when evaluating an applicant for approval. Additionally, they typically don’t require borrowers to pledge specific collateral like many banks do. 

The difference comes down to rates and terms. In return for ease and speed, alternative lenders require more frequent payment installments, often shorter terms and higher interest rates. 

• Applying for South Dakota Business Financing Through Fast Capital 360

  Through our lending partners, we can offer SBA loans for your South Dakota venture as well as other small business financing options, such as merchant cash advances.

  Speed

  Take a few minutes to complete our easy online application. If approved, you could be funded within a day.

  Multiple Offers

  We work with many lending partners, which means your single application with us could return several funding offers.

  Expert Guidance

  A Fast Capital 360 Business Advisor will review your offers with you so you can select the best option for your financing needs. 

Get Your Business Loan Faster

In addition to financial assistance, consider how local organizations can offer small business support. Here are a few you may consider reaching out to.

SCORE

This nonprofit has been operating throughout the U.S. since the 1960s. Here, small business owners can access free or low-cost workshops and individualized business mentoring. Additional resources include educational articles, videos, webinars and document templates. South Dakota SCORE locations are available in Aberdeen, Sioux Falls and Yankton.

Greater Sioux Falls Chamber of Commerce

This membership-based business advocacy organization offers networking programs and workshops for entrepreneurs. There also are special events held throughout the year and sponsorship opportunities are available too. Additionally, members are able to stay informed on small business news within the community.

South Dakota Business Help

This organization partners with the SBA, Sioux Falls Development Foundation, University of South Dakota and South Dakota Indian Business Alliance, among others. It offers resources for startups, manufacturers, importing and exporting and government contracting. Additionally, a business planning guide is available for download on the site, and financing assistance is available.