MITCHELL, SD (Mitchell Now) — The U.S. Small Business Administration South Dakota District Office has announced its annual Leadership in Lending Awards, recognizing top lenders and a major increase in small business lending across the state.
SBA officials said Fiscal Year 2025 marked one of the strongest lending years in recent history. The SBA guaranteed more than $161 million in small business loans statewide through its 7(a), 504 and microloan programs.
“Fiscal Year 2025 was a huge year for SBA lending in South Dakota,” said SBA South Dakota District Director Bryson Patterson. He noted it was the highest total dollar volume year since 2022 and the highest dollar year ever for the 7(a) loan program in the state.
The Leadership in Lending Award recipients include First Bank & Trust, which led the state in SBA 7(a) lending with 23 loans totaling $14 million, supporting 332 jobs. Dakota Business Finance was recognized as the top producer for SBA 504 loans, approving 52 loans totaling $46 million and supporting 847 jobs. First Dakota National Bank received the third-party 504 lender award with 14 loans totaling $21 million.
SBA Regional Administrator Justin Everett said the growth reflects confidence in local economies and small businesses.
South Dakota currently has 47 active SBA lenders working with entrepreneurs to fund business startups, expansions and job creation.
The SBA’s 7(a) program offers loan guarantees up to $5 million, while the 504 program supports major fixed assets like real estate and equipment. The microloan program provides loans up to $50,000, with GROW South Dakota serving as the state’s microloan intermediary.
More information on SBA lending programs is available through the U.S. Small Business Administration at https://www.sba.gov/funding-programs/loans.