SBA 7(a) lenders in Lake, SD
Approvals in SBA fiscal years 2008–2025. Source data as of 2026-06-30.
Lenders
9 institutions have SBA 7(a) loans on record in Lake, together $6.5M across 27 loans. First Bank & Trust is the largest, with 38% of approvals.
| Rank | Lender | Loans | Approved | Share | Loss rate |
|---|---|---|---|---|---|
| 1 | First Bank & Trust | 6 | $2.5M | 37.9% | 0.00% |
| 2 | Heritage Bank, National Association | 1 | $915K | 14.0% | 0.00% |
| 3 | First Interstate Bank | 7 | $880K | 13.5% | 0.00% |
| 4 | Old National Bank | 2 | $863K | 13.2% | 0.00% |
| 5 | Wells Fargo Bank National Association | 4 | $698K | 10.7% | 0.00% |
| 6 | Northeast Bank | 1 | $250K | 3.8% | 0.00% |
| 7 | First PREMIER Bank | 3 | $190K | 2.9% | 0.00% |
| 8 | The First National Bank in Sioux Falls | 1 | $125K | 1.9% | 0.00% |
| 9 | Minnwest Bank | 2 | $125K | 1.9% | 0.00% |
Loss rates cover every approval year on record together. SBA 7(a) losses peak two to four years after approval, so a lender whose lending is mostly recent will show a low rate because its loans have not aged yet, not because they are performing better.
What the money went into
| Rank | Industry | Loans | Approved | Share of county |
|---|---|---|---|---|
| 1 | Transportation & warehousing | 5 | $1.6M | 24.6% |
| 2 | Retail trade | 3 | $1.1M | 16.8% |
| 3 | Other services | 4 | $903K | 13.8% |
| 4 | Accommodation & food services | 4 | $776K | 11.9% |
| 5 | Mining & extraction | 1 | $643K | 9.9% |
| 6 | Construction | 2 | $414K | 6.3% |
| 7 | Health care & social assistance | 2 | $401K | 6.1% |
| 8 | Finance & insurance | 2 | $302K | 4.6% |
| 9 | Real estate & leasing | 1 | $132K | 2.0% |
| 10 | Wholesale trade | 1 | $125K | 1.9% |
| 11 | Administrative & waste services | 1 | $100K | 1.5% |
| 12 | Manufacturing | 1 | $25K | 0.4% |
Industry is the borrower’s NAICS sector as recorded by SBA at approval, grouped to the two-digit sector.
About this data
Built from the U.S. Small Business Administration’s 7(a) FOIA data release, a public record covering approvals from fiscal year 2008 onward and refreshed each quarter. SBA fiscal years end 30 September, so the most recent year is partial. Figures are approvals, not outstanding balances, and SBA attributes each loan to the institution that holds it today rather than the one that originated it — an acquisitive lender therefore shows books it did not write.